Futures higher; earnings deluge this week; Japan election - what’s moving markets
USD/CAD turned up last week, but overall price action since start of May is looking bearish still. There is a formation with lower lows and lower swing highs which is a structure of a downtrend in progress, and based on Elliott Wave cycles trend should remain bearish as long as 1.3642 level of wave one is not breached as wave four must not trade into a territory of a wave one. That said, we see pair now in wave four correction which can be more complex then at first sight. We are looking at a potential triangle correction with a break down yet to come.
USD/CAD, 4H
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