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For the 24 hours to 23:00 GMT, the USD rose 0.96% against the CAD and closed at 1.2477.

The Canadian Dollar lost ground against the USD after the Bank of Canada (BoC) Governor, Stephen Poloz, diminished hopes of further interest rate hikes this year.

The BoC Governor indicated that the central bank will be cautious in its approach to monetary policy and stressed that there is no predetermined path for interest rate hikes while adding that any move will be data-dependent.

In the Asian session, at GMT0300, the pair is trading at 1.2493, with the USD trading 0.13% higher against the CAD from yesterday’s close.

The pair is expected to find support at 1.2388, and a fall through could take it to the next support level of 1.2284. The pair is expected to find its first resistance at 1.2545, and a rise through could take it to the next resistance level of 1.2598.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

The yellow metal drops further on the short term and is almost to take out the major support from the confluence area formed at the intersection between the WL1 with the 38.2% retracement level. A valid breakdown below this confluence will accelerate the sell-off, the next target will be at the sliding parallel line (SL).

The AUD/USD drops as expected and erases everything in its way. Is trading in the red and is expected to drop further after the breakdown below the median line (ml) of the minor descending pitchfork. Technically, it should approach the lower median line (lml) of the descending pitchfork, but it could find support at the first warning line (WL1) of the major ascending pitchfork.

The USD/JPY is trading in the green on the short term and tries to extend the latest gains. Price is approaching the 113.25 yesterday’s high and a strong dynamic resistance level. Technically, it should reach new highs in the upcoming days as the USDX climbs higher and because the Yen is punished by the Nikkei’s potential further increase.

The currency pair continues to be trapped within an extended sideways movement, we’ll see how will react when will reach the upside line of this pattern.

The Nikkei stock index rallied aggressively in the yesterday’s session and closed the morning gap down. The index continues to move somehow sideways on the daily chart, but continues to stay above the 20320 previous highs. A further Nikkei’s increase will force the Yen to lose more ground versus all its rivals.

The BOJ Kuroda’s speech may bring some action on the USD/JPY later, so you should be careful.

Price increased and managed to stay above the median line (ml) of the minor blue ascending pitchfork. Could come to retest the first warning line (wl1) of the black ascending pitchfork. The next major upside target will be at the 23.6% retracement level, only a valid breakout will confirm a further increase in the upcoming period. Technically is somehow expected to stay above the median line (ml) of the blue ascending pitchfork. Only a failure to stabilize above the broke dynamic resistance will signal a minor drop.

Trump Tax Plan Faces Criticism, Dollar Pares Gains. The dollar rose for a third day, though it failed to hold an advance to the highest level in a month as President Trump's tax plan faced resistance. Details of Trump's tax proposal trickled out Wednesday, drawing immediate criticism from some lawmakers and reminding investors of the obstacles the plan faces. The greenback also benefited from weakness in the Canadian dollar, which dropped after the head of the Bank of Canada warned the central bank wasn't on a preset rate path. The dollar's index last traded at 93.414 after reaching a high of 93.607 on Wednesday, its strongest level since Aug.

The Euro Held Steady After Falling to Its More Than 1-Mth Low. The euro has fallen heavily against the US dollar over the past week, undermined by political uncertainty in Germany and renewed optimism that the US Federal Reserve will hike interest rates again before the year is out. European currency earlier approached 1.1700, falling to its lowest in about 5 weeks.

Canadian Weakens on BoC Caution. The Canadian dollar was trading near the session high of 1.2464, its highest level in almost four weeks, after BoC Governor Poloz said there is no “predetermined path for interest rates” and that the central bank will proceed “cautiously” as it assesses the performance of the economy. His speech — the first since the bank's second consecutive rate increase — damped expectations for a third hike.

Havens Tick Up Fueled by Poloz Speech. The yen and Swiss franc modestly rebounded fueled by unwinds of Canadian dollar cross trades after Poloz spoke. The yen was trading around 112.76 as it rebounded from a session high of 113.26. Swiss franc dropped to 0.9694 after reaching its highest of 0.9768.

The NZ Dollar Held Steady at $0.7228. New Zealand's central bank on Thursday kept interest rates unchanged at record lows of 1.75 per cent and firmly stuck to its neutral stance, against a backdrop of political uncertainty after an inconclusive national election. The New Zealand dollar slipped briefly to levels below $0.7200 after the central bank statement but later regained its footing.

Gold Rises from 1-Mth Lows. Gold rose on Thursday after falling to one-month lows on expectations of a rise in U.S. interest rates this year. Spot gold rose 0.3 percent to $1,284.36 per ounce after it revisited the previous session's low of $1,280.72 an ounce, the lowest since Aug. 25.

Brent Slips from 2015 Peaks, U.S. Crude Up On Inventory Draw. Brent prices fell while U.S. crude rallied, after oil stockpiles in the world's top consumer unexpectedly drew down with refiners coming back online following Hurricane Harvey last month. Brent futures traded at $57.71 a barrel, down from

Tuesday's 26-month peak of $59.49. US West Texas Intermediate crude (WTI) fetched $52.11 per barrel, just below Tuesday's five-month high of $52.43.

Watch Out Today for:

06:35 am GMT: JPY Bank of Japan Governor Kuroda Speech

08:15 am GMT: GBP BOE's Governor Carney speech

12:30 pm GMT: USD Core Personal Consumption Expenditures

13:30 pm GMT: USD Gross Domestic Product Annualized

Daily Pivots: (S1) 1.1708; (P) 1.1752 (R1) 1.1787; More...

Intraday bias in EUR/USD remains on the downside as fall from 1.2091 is in progress. Deeper decline should be seen to 1.1661 support first. Such fall is correcting whole rise from 1.0569. Break of 1.1661 will target 38.2% retracement of 1.0569 to 1.2091 at 1.1510, where we're expecting support to bring rebound. On the upside, above 1.1837 minor resistance will turn intraday bias neutral first. But break of 1.2029 resistance is needed to confirm completion of the pull back. Otherwise, deeper fall will remain in favor as the correction develops.

In the bigger picture, rise from medium term bottom at 1.0339 is still in progress for 38.2% retracement of 1.6039 (2008 high) to 1.0339 (2017 low) at 1.2516. However, it should be noted that there is no confirmation of trend reversal yet. That is, such rebound from 1.0399 could be a correction. And the long term fall from 1.6039 (2008 high) could resume. Hence, we'd be cautious on strong resistance from 1.2516 to limit upside. But after all, break of 1.1661 is needed to indicate medium term topping. Otherwise, outlook will remain bullish in case of pull back.

AUDJPY Short Term Elliott Wave view suggests that the rally to 90.31 ended Intermediate wave (W). Intermediate wave (X) pullback remains in progress as a double three Elliott Wave structure. Down from 90.31, Minor wave W ended at 88.44 and Minor wave X ended at 89.68. Minor wave Y is unfolding also as a double three Elliott Wave structure. Minute wave ((w)) of Y ended at 88.23 and Minute wave ((x)) of Y is proposed complete at 88.89. Near term, while bounces stay below 9/21 peak at 90.31, expect pair to extend lower towards 87.36 – 87.8 area to complete Intermediate wave (X). Afterwards, pair should resume the rally to a new high or at least bounce in 3 waves. We don’t like selling the proposed pullback.

AUDJPY 1 Hour Elliottwave Chart

Double three ( 7 swings) is the most important pattern in Elliott wave’s new theory. It is also probably the most common pattern in the market these days. Double three is also known as a 7-swing structure. It is a very reliable pattern that gives traders a good opportunity to trade with a well-defined level of risk and target areas. The image below shows what Elliott Wave Double Three looks like. It has labels (W), (X), (Y) and an internal structure of 3-3-3. This means that all 3 legs has corrective sequences. Each (W) and (Y) is formed by 3 wave oscillations and has a structure of A, B, C or W, X, Y of smaller degrees.

Daily Pivots: (S1) 1.3347; (P) 1.3403; (R1) 1.3444; More....

GBP/USD's correction from 1.3651 is still in progress and intraday bias remains neutral. We'd continue to expect strong support from 38.2% retracement of 1.2773 to 1.3651 at 1.3316 to contain downside and bring rally resumption. Break of 1.3651 will turn bias back to the upside for 1.3835 support turned resistance next. Break there will target 55 month EMA (now at 1.4405).

In the bigger picture, current development argues that the long term trend in GBP/USD has reversed. That is, a key bottom was formed back in 1.1946 on bullish convergence condition in monthly MACD. Current rise from 1.1946 will target 38.2% retracement of 2.1161 (2007 high) to 1.1946 (2016 low) at 1.5466 next. In any case, medium term outlook will now stay bull

Daily Pivots: (S1) 0.9680; (P) 0.9724; (R1) 0.9767; More....

Focus remains on 0.9772 key resistance. Decisive break there will suggest that whole down trend form 1.0342 has completed. In that case, near term outlook will be turned bullish for 0.9860/1.0099 resistance zone. Nonetheless, with 0.9772 resistance intact, outlook remains bearish. Below 0.9587 minor support will turn bias back to the downside for retesting 0.9420 low.

In the bigger picture, focus remains on whether 0.9443 key support (2016 low) could be taken out firmly as down trend from 1.0342 extends. There are various interpretation of the price actions. But in any case, medium term outlook will stay bearish as long as 0.9772 resistance holds. Current down trend could extend to 38.2% retracement of 0.7065 (2011 low) to 1.0342 (2016 high) at 0.9090. However, break of 0.9772 will indicate that USD/CHF has successfully defended 0.9443 again and turn outlook bullish for 1.0099 resistance.

Currency pair EUR/USD

The EUR/USD bearish price action could be part of a potential wave 4 (blue) which makes the 23.6% Fibonacci level a potential support and bouncing spot.

The EUR/USD seems to be making a final wave 5 (grey). Price might not complete the wave 4 (blue) at the 23.6% Fibonacci. A 38.2% Fibonacci level is also a common turning spot for a wave 4.

Currency pair GBP/USD

The GBP/USD could soon test the 38.2% Fibonacci level of the potential wave 4 (blue). The Fibonacci levels could act as potential support for a continuation of the uptrend via wave 5

The GBP/USD is breaking support trend lines but the 38.2% Fib could be a potential support level. A break of resistance (orange/red) could indicate the continuation of the uptrend whereas a break below the 38.2% Fib could price test the 50% of wave 4 vs 3.

Currency pair USD/JPY

The USD/JPY has broken above the resistance trend line (dotted red) which is indicating an uptrend continuation.

The USD/JPY break of resistance levels (dotted red) indicates a larger 5th wave (blue).