GBPUSD remains bullish for now within an upward channel but notice that wave 5 is now approaching that important 1.5160 swing back from March 19th that we highlighted. Technically speaking, we could see a spike above that figure, followed by a sharp turn down. A move back beneath 1.5023 would be the first bearish sign.
GBPUSD 1h Elliott Wave Analysis
USDCAD is moving down, trading close to its lows from a few days back and that will most-likely be taken out as the current downside move from 1.2300 is looking impulsive. However, we see the price in a fifth wave decline so a reversal could follow from the new lows; ideally up from the 1.2000 psychological level.
USDCAD 1h Elliott Wave Analysis
