The USD is in a bullish mode since last week, but on the short-term charts we noticed that most of the USD pairs are now in correction. On GBPUSD we are looking at a three wave rally after it finished a five wave decline at 1.4565 yesterday, so ideally the price will go to higher levels, maybe even to around 1.4700 but only for a short period as the big trend is still down.
GBPUSD 1h Elliott Wave Analysis
USDCAD was down yesterday, but it is slowing down now, after the pair found support at 1.2560. We assume that the wave 2)/B) pullback from the highs will be more complex, so wave B can even be a triangle, thus more weakness could follow in the sessions ahead. Ideally the price will retrace for 50 or even 61.8% compared to wave 1)/A) so 1.2500 can be seen before big uptrend will resume.
USDCAD 1h Elliott Wave Analysis
