A surprise with more weakness on the US yields can cause more dollar weakness especially vs commodity currencies which appear to be in a very strong upward momentum.
USDCAD is coming down in the 4-hour chart as expected but notice that we are still observing wave C or 3 with room down to 1.2200/1.22560 area to complete the current five-wave cycle of the lower degree. However, there can be some pullback later this week for another recovery within a downtrend. Strong resistance levels are at 1.24 followed by 1.2495.
USDCAD 4h Elliott Wave Analysis
NZDUSD is nicely and impulsively recovering as expected after we noticed a big and complex W-X-Y corrective decline, so seems like a new five-wave bullish cycle is now in progress that can send the price at least back to September highs and 0.72- 0.73 area. So, more upside is in view, just be aware of a pullback in wave 4 before the uptrend for wave 5 resumes.
NZDUSD 4h Elliott Wave Analysis