USD/CAD - Has wave i of 3 up begun?

It has been some time since I have talked about the USD/CAD cross, but now might be a good time to do it and try to answer if wave iii of 3 up has begun.

The above chart is the daily chart back from the bottom on November 7 - 2007 at 90.56. Wave 1 or A is clearly a five wave rally followed by a big down-correction wave 2 or B, which has retraced 78.6% of wave 1 or A the minor rally from April 21 -2010, which I have labeled wave 1 or A is a bit tricky, as all waves overlap as they would do in a correction, but it could well be a expanding Leading Diagonal (see the hourly chart below for details). Wave 2 has almost retraced 78.6% of wave 1 and seems to have finished, which means we are in the very early stages of wave i of 3 up.
A break above the key-level at 106.78 would add confidence in this count.

Where can we expect wave 3 to end? I would expect wave 3 to extend and become at least 1.618 time longer than wave 1, which should make wave 3 hit 116.40. Wave 3 or C of one lager degree should carry prices all the wave up to at least 139.50, where wave 3 or C will be equal in length to wave 1 or A.