Evidently, I have been watching the wrong pattern in USD/CAD. I spoke about a breakout (to the downside) from a wedge (the purple wedge).
What’s now clear is that support kicked in precisely where it should have, looking at the wedge from a longer-term. I didn’t trade on the breakout because the copper chart failed to confirm the break.
Given the soft underlying numbers in the Canadian jobs report and the new found ability of the USD to rally on positive economic news, I expect USD/CAD will now go up and test the top of the wedge, at least.