GBPUSD
GBPUSD has turned sharply lower last week from 1.4769 where we see signs of a top in place. The reason is a strong, impulsive decline and a broken channel line connected from 1.4090 that puts a bearish trend in play. So ideally market accomplished a big corrective wave IV that was underway since the end of February. This however is still an early call, but we will definitely look for three waves down, to 1.4344.
GBPUSD, 4H
USDCAD
USDCAD is turning up strongly this month from 1.2460 with more than a 400pips bounce so far which is not a surprise at all. Keep in mind that such sharp reactions are very common after a completed ending diagonal. Well, usually when this pattern is finished the price will tend to return back to the starting point of the pattern which, in our case, is near 1.3180. However, this is far away so we expect more gains after any pullback, especially if we also consider that the big five wave drop in black wave A is now accomplished shown on the daily chart. In the short-term, price may go down into wave B-circled on 4h which may look for a support at 1.2750-1.2780 area.
USDCAD, 4H
