EURCAD is trading slowly lower and something similar we can see on GBPCAD. Currently, we are tracking a correction in wave 4, which is trading within two corrective channel lines and approaching some interesting support levels. We are watching these two pairs very carefully and if we get a sharp bounce with five waves, then bulls for wave five can be confirmed.
EURCAD, 4h
GBPCAD, 4h
GBPUSD may have found a base for its corrective wave four at the 1.4145 level, which means current minor intra-day recovery can already be the start of a final wave 5 of five. If that is the case, then cable will become even stronger and push price, ideally towards the 1.4250-1.4305 area, where Fibonacci projections of 38.2 and 61.8 sit and can project end of a five-wave bullish cycle.
GBPUSD, 1h
