As we can see the price is channeling downwards and stalled out at 51, 100pips from 50. Coincidentally Right on Bat 2.618 that could not close below with following price action
5 and wave 3 both made a , such an aggressive and steep price action may cause a retracement.
Plus the correlation with CAD especially on USD/CAD , from which, had a WEEKLY pattern and pulled back from Daily .
Aggressive entry has to be placed below the low near 50 area.
One more thing , If we go up on higher time frame(weekly chart) take a look at the historic consolidation from 51 level