Short USDCAD: Possible Upcoming Correction (Elliott Wave)

USDCAD has potentially completed a long term bullish impulse followed by a 5 wave "a" and a 3 wave "b" correction. 1 and 5 waves show similar price ranges on two different degrees of impulse adding to the probability of the rally being ready for a corrective move down. Channel resistance may also add to bearish bias. There has also been a breakout from the bullish trendline indicating a possible "c" wave breakout. If the correction is not a zig-zag or the rally is not over, the trade will be stopped out quickly. Target is placed near previous fourth wave support. This allows for a low-risk, high-reward trade with a R/R of about 15.

Trade stängt: Stopp nått:

Sitting out for NFP. Waiting for price action next week to determine potential short opportunities.