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GBPUSD and USDCAD Intraday: Elliott Wave Analysis

GBPUSD spiked higher but turned back to 1.5400 very fast, which makes me think that pair is still in wave B correction, which will make an irregular formation. That said, traders must be aware of a lower levels still, down into wave (c) that can retrace for 38.2% compared to wave A distance.

GBPUSD 1h Elliott Wave Analysis

GBPUSD 1-Hour Elliott Wave Analysis Chart

Range on USDCAD is still contracting but sideways price action can run out of room soon. As such, we think that breakout will follow soon, ideally in the next 24 hours, which will be to the upside as we see red wave 4) at the end. Notice that we labeled a triangle within a triangle, the last one seen in wave E which is very bullish scenario, but we still need move above 1.3323 to confirm more gains ahead.

USDCAD 1h Elliott Wave Analysis

USDCAD 1-Hour Elliott Wave Analysis Chart

 


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