EURCAD
EURCAD is higher, now at 61.8% Fib level which can be a very important reversal zone as we see seven legs up from the low; a double zigzag which is a contra-trend pattern. As such, a drop from the current levels may not be a surprise, but would need a break of 1.4956 and a broken channel to confirm more weakness ahead.
EURCAD, 1H
GBPUSD
Cable is higher from May 12 low, but a move cannot be counted in five waves, therefore we think it can represent a correction. Ideally, it’s a double zigzag which may send prices lower, but would need 1.2880 break of wave X support to make sure that the pound will be on a bearish foot.
GBPUSD, 1H
