Elliott Wave Analysis On USDCAD And EURUSD
USDCAD is moving slower to the downside for the last few sessions so it appears that top has been reached near 1.3015, but only temporary as we see that leg up from 1.2460 as first wave within big corrective recovery. We are looking at temporary set-back now in blue wave B which will ideally find a support at 1.2750 -1.2790 after a 3-wave drop.
We can see EURUSD turning slightly higher, so finally a correction is now in play with an A-B-C structure for 1.1480 NFP spike high? Keep in mind that in a week after the NFP, highs/lows of NFP are hit more than 90% of the time so we would not be surprised to see some stops of cleared out at that area before market turns sharply to the downside.
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