EURUSD
EURUSD has turned up in mid-March making the bullish price structure much more complicated. We are looking at the big blue wave C-circled, that can be finished now if we consider sub-waves on the 4h chart where we can see a nice turn down in the last few days, through 1.1326 support, well out of an upward channel. Also the decline is quite sharp so it’s an impulsive leg that suggests further weakness, probably back to 1.1143 while 1.1464 is in place.
EURUSD, 4H
USDCAD
On USDCAD we see the price at new lows so the big black wave A or 1 is still unfolding on a daily chart. So, on the 4h chart we labeled a completed correction, as a W)-X)-Y) in wave 4-circled around 1.3215. From there we are now tracking the new wave five unfolding, which is a motive wave so we need five waves down. At the moment we see the price turning higher, probably it’s a corrective bounce labeled as red wave 4) that can find resistance near the current 1.2900-1.2925 area. Invalidation level is at 1.3018; as long as this one is not breached the trend remains in favor of the Canadian Dollar. A rise above 1.3018 will suggest a low in place.
USDCAD, 4H
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