I went short EURCAD at 1.4150 against a 1.4250 stop.
The pair might have possibly completed a wave 2 of 3 or C in a flat correction.
The longer term chart seems to indicate that the pair might have completed a wave 4 of the downtrend that started last year. Wave 4 seems to be in 3 waves where wave A=C. The bearish engulfing candle right at the 50% retracement of wave 3 seems to indicate that wave 4 might be complete. Given that the wave 2 was shallow (only 38.2% retracement of wave 1) a deeper wave 4 retracement was expected in line with the alternating principle. A follow through this week to the bearish engulfing candle from last week would probably confirm the completion of wave 4.
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