Blue: Price has formed a megaphone pattern indicating increasing volatility overtime.
Red: Has acted as resistance in the past, however it has previously been crossed and has had its upside flirted with recently - not the strongest.
Pink: Large counter-trend move in the form of a bull-flag. Price has recently broken upside indicating a potential uptrend resumption.
Orange: Price consolidation - Evident bull-bias in overall direction and support angle - Resistance most likely triggered by Red.
Elliot Wave: Indicates the corrective-wave (A-B-C) has recently ended and that continuation will likely resume.
Recent flirting with the upside of Red and Pink, having come in contact with Orange on the downside, as well as Elliot Wave are reason for a buy rating for USDCAD as of ~1.19000. Price has potential to encounter resistance upon coming in contact with Orange/Red on the upside, however, price is expected to break through. A break over ~1.38000 would confirm Continuation-Wave II (1-2-3-4-5) is in effect.
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Error: 1.19000 = 1.30000