USDCAD just made a new sharp move lower to around 1.3365 area, which means the correction in the past wave 4 is now regarded as completed. As we can see wave 4 correction proved to be a simple zig-zag. As such we are now looking lower into final wave 5 of 1/A, which may find its resistance and a turning point higher in the sessions ahead around Fibonacci ratio of 61.8. After wave 5 reaches its end, a minimum three wave corrective reversal may follow into higher degree wave 2)/B), towards the area of the former black wave 4.
EURGBP is trading at the start of a new bearish run with red wave 1) already completed as an diagonal triangle and now with wave 2) midway through its completion. The ideal reversal and resistance zone for the undergoing wave 2) is around the 50 or 61.8 Fibonacci ratio, from where more weakness may follow.
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