FX:USDCAD U.S. Dollar/Canadian Dollar
USDCAD has potentially completed a long term 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 bias. There has also been a breakout from the indicating a possible "c" wave breakout. If the correction is not a 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 closed: stop reached: Sitting out for NFP. Waiting for price action next week to determine potential short opportunities.