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British Pound (ETF: FXB)

Using, Elliott Wave, Uncover, Currency Market’s, Best Opportunities, 2017, Technical Analysis, fx trader, forex British Pound, GBP, chart 2

Outlook: Bearish

The British Pound has been on the decline since late 2007. From 2009 to 2014, it made a half-hearted attempt to stop the bleeding, but that recovery proved to be a very large countertrend move. Over the past two and a half years, FXB has resumed its downtrend, and that downtrend is not over. It would be surprising if FXB recorded any type of important low in 2017. The trendy down leg that began in 2014 is far from over, with FXB (The most-prominent British Pound ETF) projecting down towards 100 before it is all said and done. The Elliott Wave pattern is very clear here, and it’s bearish.

Canadian Dollar (ETF: FXC)

Using, Elliott Wave, Uncover, Currency Market’s, Best Opportunities, 2017, Technical Analysis, fx trader, forex, Canadian dollar, CAD, chart 3

Outlook: Bullish

For the first time in over four years, the Canadian Dollar is at a point where it can embark on a significant uptrend. Not only is the recovery that took place in early 2016 the largest up move that has taken place since 2011, it also appears to be a trendy move that is just now finding its footing. This is one of the most promising currencies out there right now, based on its Elliott Wave pattern. It will be considered a great buying opportunity once it moves its way back towards its 2016 high.

Euro (ETF: FXE)

Using, Elliott Wave, Uncover, Currency Market’s, Best Opportunities, 2017, Technical Analysis, fx trader, forex, Euro, EUR, chart 4

Outlook: Bearish

At some point, the Euro will put an end to the massive downtrend it has been stuck in since 2008. But that time is not now. Following a very sharp decline in 2014, the best the Euro could do to recover was trade sideways for the better part of two years. The reprieve may now be ending. The trend is very clearly down here, and there is no good reason to think that things will change any time soon. The Elliott Wave pattern here indicates that the Euro will head either sideways or, more likely, lower in 2017.

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