The FX market is slow today, making intraday corrective rallies across the board, that we see as part of a USD bullish trend.
That said, we think that sooner or later the USD will move to new highs against the other major currencies, especially against the commodity currencies (AUD, CAD) if we consider the sharp turn down in oil and gold in the last 48 hours.
On USDCAD we are looking higher from the current minor consolidation that is most-likely a fourth wave, so wave (v) can be coming in an extended black wave 3 that will be targeting 1.2500. The BOC Rate Statement and rates decision will be later today at 14:00GMT.
USDCAD 1h Elliott Wave Analysis
USDJPY looks very similar, also bullish with an impulse started a week back. As such, the current slowdown is just another pause within ongoing trend that is expected to resume within current wave 3) headed close to 124.
USDJPY 30min Elliott Wave Analysis
