Elliott Wave Analysis: USDCAD and EURUSD
When Oil is on the rise that’s when Canadian dollar my benefit, so it’s a surprise to see a bearish count on USDCAD. What we see on hourly chart is a bearish impulse that suggest a resumption of a bearish trend firstly through 1.3000 psychological level and then below 1.2968.
EURUSD turned down on Friday from around 1.0680, but it’s unclear if that was only a leg a of a three-wave correction. Normally I want to see something more complex and overlapping when looking for a corrective move, so I think there is still a chance for EURUSD to reach 1.0712 resistance and then turn down from there; ideally later this week.
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