Elliott Wave Analysis On USDCAD And German DAX
USDCAD moved higher and reached a new high near 1.3300 area from where pair lost nearly 100 pips after US and CAD data releases. So far, our ending diagonal that we talked about two days back, looks fine for now, but still needs to break below trendline support before we can make sure that top has been reached. Definitely it's too soon to turn bearish here.
German DAX came lower earlier today and tested that important 10470/90 area twice. We have seen some upward reaction from there, but not enough strong to confirm a completed wave 2. Based on latest structure, we see idea of a flat correction with an ending diagonal in wave c, which can look for a support then at 10400-10430 area, maybe next week when we will expect a resumption of an uptrend.
German DAX, 30Min