Short USDCAD: Possible Upcoming Correction (Elliott Wave)

FX:USDCAD   U.S. Dollar / Canadian Dollar
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 closed: stop reached: Sitting out for NFP. Waiting for price action next week to determine potential short opportunities.
Hi Glenn.. stoploss hit?
Hi ccake, yes SL hit on this one. Awaiting NFP and PA next week to look for possible short entries.
ccake28 glennmercer
Thanks. Have a great weekend ahead:)
+1 Reply
Thank you you do the same!
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