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CAD High Reward to Risk Trade

Written by ForexCult Team
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Currently, there is a high reward / risk short USDCAD opportunity. The EURUSD remains in a range, but the recent rally is corrective. This corrective advance could very well be part of a larger corrective advance however. Not much has changed regarding the EURUSD this morning. We wrote yesterday that he drop from 1.5701 is in 5 waves and is most likely wave 3 within a 5 wave drop from 1.6039. A corrective 4th wave advance is expected to unfold over the next several days. 4th wave usually reach at least the 4th wave of one less degree (1.5083 in this case). The 38.2% of 3 is also a common terminal point for 4th waves (1.5153 in this case)."" Although a larger correction to the mentioned levels is preferred