Both Euro and Sterling are under heavy selling pressure today, against commodity currencies.
EUR/CAD dives to as low as 1.3773 so far and there is no sign of bottoming. Current fall from 1.4633 is part of the down trend from 1.5991 and should target 100% projection of 1.5096 to 1.4162 from 1.4633 at 1.3699.
Break of 1.3699, and sustained trading below medium term falling channel support, could prompt further downside acceleration to 161.8% projection at 1.3122, which is close to key long term support at 1.3019 (2015 low). Meanwhile, in any case, outlook will stay bearish as long as 1.4162 support turned resistances holds, in case of recovery.
GBP/AUD also dives to as low as 1.7729 so far as all from 1.9218 accelerates. Near term outlook will stay bearish as long as 1.8385 minor resistance holds. Next target is 1.7412 low.
Also, the corrective three-wave structure of the rise from 1.7412 to 1.9218 suggests that down trend from 2.0840 (2020 high) might be ready to resume. Break of 1.7412 will confirm and target 61.8% projection of 2.0840 to 1.7412 from 1.9218 at 1.7099 first. It’s a bit early to conclude. But firm break of 1.7099 could prompt further downside acceleration to 100% projection at 1.5790, which is close to long term support at 1.5693 (2016 low).
