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USD shows strength against CAD and JPY – Elliott Wave

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

USDCAD technical analysis Elliott Wave chart May 27 2015

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

USDCAD technical analysis Elliott Wave chart May 27 2015

Gregor Horvat

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!