U/CAD appeared to do an ABC up to 9850 then down providing some pips but has returned higher than expected. Therefore the pattern is either a larger ABC up or yet to be confirmed uptrend that will bounce down first. It should bounce down again from 9870-75 for another swing trade attempt down using small stop, conservative target 9815-25. Buying GBP/U up at 0275ish using small stop with target of 0335ish conservatively is a trade with larger trend that seems to show high probability although I'm not finding time to read fundamentals today... U/J appears to have peaked in large ABC up over the last few hours and will either break up or drop however I favour a resumption of downtrend at this stage. I missed the see opportunity of 101 25 although it may double top.
I'm watching for trend continuation up of EUR/GBP from 7845-50 to at least 7900 as G/U softens more tha EUR... U.CAD seems high at near 0010 after bounce there but seem like it will double top or better given current Elliot wave pattern on minute charts. Same with EUR/CAD, struggling to top with one more pulse up today I expect... Trend reumtion seems likely on larger scale for U/J and some of its crosses as wave 4 up after large downmove seems possibly finished.
Scratch that E/G trade concept because it is one of two possibilities, the first being a resumtion of trend up happening about now at 7845-50 or the finish of a larger ABC down yet undone before final move up to higher target area above 7900. There fore not an ideal entry time. Better to wait for clear break up or drop to as low as 7775ish. Ideals are worth waiting for as they happen a few times every 24hrs. I almost have the habit of waitng for them .
G/J seems like it has struggled to do an ABC up against prevailing downtrend and a breakout down below 193.00 would not be surprising without much further rise above current 19420. U/J seems to show the same challenge. Pattern on A/J did show an nice A up , B down and C up from recent low of 8815ish but the C appears to have failed it's usual 5 wave set up and shows a convoluted pattern that leaves temporary direction unclear. The pattern is uncommon. G/U has reached 2.0010 nearly and should bounce there, likely down 50 pips or more. Worth trying for I think. EUR/GBP seems more likely to rise now to but not entirely confirmed by ABC Elliot consolidation...
G/U is on the rise, just jumped to 0020 so will watch for break up although pattern still resembles an ABC up with another pulse down to go on minute charts.
Note how the rise of the GBP/U in relationship to EUR/U pushed EUR/GPB down of triangle top. G/J is quite high at above 198.51 so will look for pullback opportunity as one sell attempt has resulted in a stop at 0 already. Larger trend seems like it could remain for up so will also look to buy with uptrend at a protracted dip if it happens.
The G/U seemed to be pulled up by fundamentals last night and a large ABC down although showing an incomplete C down is typical of a scrunched E.W pattern against a stronger trend.
Confirmed uptrend in Elliot Wave pattern breakout up with Wave 3 of larger 5 wave set happening it appears so buying on dips with trend makes the most sense.
Canadian Dollar Plummets as Prices of Export Commodities Drop By Haris Anwar March 19 (Bloomberg) -- Canada's dollar dropped by the most in more than four months as commodities tumbled and investors speculated the nation's central bank will follow the U.S. in cutting interest rates. ``Commodities are falling off very hard,'' said Shaun Osborne, chief currency strategist at TD Securities in Toronto. ``People are getting out of commodities and by extension the Canadian dollar. The Canadian dollar will suffer in this environment.'' Canada's dollar weakened against 15 of the 16 most-traded currencies after prices of commodities such as gold and oil plunged. Commodities account for about half the nation's exports.
The pattern for EUR/CAD seems higher longterm as well after pullbacks... U/CAD current retracing from above 0170, at 0119 destined for higher levels after pulback is complete. An eventual target is 0300 at this point confirmed it it pushes past 0200 strongly after next proposed upthrust. pullback at this stage is hard to determin price for but will watch the Elliot Patterns down and 0040-50 is an ideal buy area if it reaches that with target 020 then 0300. EUR/CAD has a similar upward pattern forming with more distant target of 6200 possible eventually.