USDCAD turned down nicely yesterday from wave D levels as highlighted in past updates. Well, we still assume that the pair can be in the late stages of a triangle placed in a fourth wave. If that’s the case then the current wave E should be looking for  support around 1.2400/1.2430 area, but because of a very strong decline we recommend to wait on an impulsive bounce first, before any bullish turn can be considered.
USDCAD 1h Elliott Wave Analysis
USDJPY turned down very nicely yesterday from 119.80, just a few hours later after we presented a corrective rally for wave b) and projected a turn down into wave c). Notice that price came down sharply and also took out trendline support from 118.28 so we suspect that wave c) is now in play for lower levels; 117.70 followed by 117.10 where the market can be looking for a base later this week.
USDJPY 1h Elliott Wave Analysis
