Currency pairs to watch

March 27, 2017 09:41 AM
Elliott Wave Analysis: USD/CAD & USD/JPY

USD/CAD
On the hourly chart of the U.S./Canadian dollar (USD/CAD) currency pair, we can see a three-wave corrective rise to be in motion, with price specifically trading in the second Wave B. That said, Wave B may unfold as a triangle correction, meaning more slow and choppy movement may be in store for the pair. After Wave B finds some support, more strength may follow into the following Wave C, ideally towards the 1.3466/1.3496.

USD/CAD, 1-hour

USD/JPY
The U.S. dollar/Japanese yen (USD/JPY) currency pair is trading nicely lower, now in final wave five as part of a higher degree bearish impulse. That said, the downside may be limited in the next couple of hours, ideally around the 261.8 or 38.2 Fibonacci ratio.

USD/JPY, 1-hour

 

About the Author

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for Capital Forex Group and TheLFB.com. He also is founder of forex services on www.ew-forecast.com. EW-Forecast.com provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: http://www.ew-forecast.com/