USDCAD moved to a new swing low but not through 1.2350 from Feb 03, which is our downward objective before a big correction can be finished. As such, we are observing an incomplete red wave C) that can be an ending diagonal, currently with subwave 4 in progress, so upside can be limited near 1.2550-1.2600.
USDCAD 1h Elliott Wave Analysis
EURUSD is turning down as expected, following a five wave rally from 1.0610 that puts a corrective movement in play. We are tracking now wave B) as wave A) appears complete, so traders must be aware of a deeper pullback since we need three waves set-back from above 1.1020.
EURUSD 1h Elliott Wave Analysis
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