The USD was on the rise last week, so we definitely expect an even stronger USD in the days ahead. However, on EURUSD we see the market falling now within wave v of iii) so we should be aware of a corrective rally after five waves down to 1.3485. There is also a divergence on the RSI that suggests a bounce in price. But any bounce should unfold in three waves only, ideally it will represent a rise of a wave iv) as part of a big downtrend.
EURUSD 1h Elliott Wave Analysis
USDCAD was the mover of the day on Friday as the pair rallied straight up to 1.0800 after a break out of a triangle that we were tracking for a whole week. Well, we are now tracking wave (v) here that should be made by five smaller waves, which means that more upside could follow in the next few sessions, as we see a current slow intraday price action as one of a fourth wave with wave iii).
USDCAD 1h Elliott Wave Analysis
