Elliott Wave Analysis: GBPUSD and USDCAD Look
Elliott Wave Analysis: GBPUSD and USDCAD Look
After some weakness down to 1.3070 on cable last week we also saw a nice bounce recently back above 1.3200, which leaves only a three wave drop behind, down from 1.3334, which can now be seen as wave B that is part of an ongoing wave two. That said, higher levels can be retested, possibly at 1.3330-1.3400 region from where we will expect a new decline later this week.
GBPUSD, 4H
4h chart of USDCAD is showing us a three-wave recovery in the making, currently with wave C)/3) underway which may be headed up to 1.3000 important do or die level. If pair would break and even accelerate above that price region, then this is likely going to be wave 3) rather than end of a corrective A)-B)-C) rise. But in the short-term however, market is headed higher anyhow after minor black wave 4 pullback which may look for a base near 1.2740.
USDCAD, 4H
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