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The USD/CAD is in a strong mark down cycle so we’re in swing mode waiting for a bounce to the bottom line of the Wave or more aggressively to the top line of the falling wedge pattern. The 34ema low is currently at 1.0466 but remember that this is a dynamic level and will change as prices move. Note that the short off the downtrend line is much closer a short trigger than the Wave low. The 30 minute chart swing short has a 34ema low triggering at the 1.0447 which sets up the short just in front of the 1.0450 psychological level.
UPDATE: The wedge has broken at the downtrend line resistance and prices have broken the top line of the Wave and triggered a trend reversal on the 60 minute chart. The horizontal blue line which is at 1.0499 is the forecast area which is the upside target and resistance for the breakout as well at the 1.0500 level.
This chart was created with MT4 and the Autochartist Chart Pattern plug-in.