Currency pairs to watch

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

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

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 He also is founder of forex services on provides technical analysis of the financial markets, highlighting behavioral patterns based on the Elliott Wave Principle (EWP). Website: