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Stocks sold off last week…

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Earnings season is well underway,…

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EUR Is Up Across Board, USD Seems Weak- Looking at EURCAD and USDJPY

USDJPY is headed lower, deeper into a corrective set-back that is expected to unfold with three waves. Currently we see wave C in play towards one of the supports 123.40 followed by 122.80 from where bounce could follow at the end of the week, but maybe after NFP report on Friday.

USDJPY 1h Elliott Wave Analysis

USDJPY 1-Hour Elliott Wave Analysis Chart

EURCAD is at the highs now moving up within extended blue wave (iii) that is testing 1.4 psychological level but there is room for 1.4100 where we see 161.8% Fibo target. However, short-term resistance can be near, so be aware of a fourth wave coming in sessions ahead, before market goes even higher.

EURCAD 1h Elliott Wave Analysis

EURCAD 1-Hour Elliott Wave Analysis Chart

 


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