GBPUSD is turning up as expected from our 50-61.8% Fibonacci levels where wave B already shows signs of a completed retracement. As such, wave C can be in the cards now for a rise up to 1.6320/1.6350 where market can be looking for a top in wave 4) rally, after a filled gap.

GBPUSD 1h Elliott Wave Analysis

USDCAD turned down for a third leg of decline as expected, which is now testing 1.1000 level. That's a round figure that can turn into a support, especially if we consider wave c = a ratio at current zone. However, we need a bounce from current "do or die" zone back to 1.1070 to confirm further bullish trend for the pair.

USDCAD 1h Elliott Wave Analysis

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