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USDCAD is up as expected, and it reached our 1.2620-1.2640 resistance area where a three wave bounce from the 1.2350 low can be looking for a top. Note that we are tracking wave B so a new leg down is expected to happen in this week, but we need an impulsive drop to 1.2448 to make sure that wave B is done.

USDCAD 1h Elliott Wave Analysis

USDCAD Elliott Wave Analysis February 11 2015 technical outlook for foreign exchnage trading

USDJPY has continued nicely to the upside this week, but now we need to be aware of a potential slowdown while market is approaching 120 level. Note that the price has actually already achieved some Fibonacci resistance area for wave (d) so we would not be surprised by a bearish turn for a big wave (e). Please check 4h chart on EWC page for a bigger view.

USDJPY 1h Elliott Wave Analysis

USDJPY Elliott Wave Analysis February 11 2015 technical outlook for foreign exchnage trading