Elliott Wave Analysis On USDCAD And German DAX
USDCAD is turning sharply down right now following OIL rise above 51.00. If crude oil will keep moving higher, then USDCAD can stay down if we consider that dollar is most likely in temporary corrective weakness against EUR, CHF, GBP and others. We see a nice pattern here on USDCAD, an ending diagonal that shows first signs of a top at 1.3312, but we still need a decisive break through the lower side of a pattern before price may step into a new bearish cycle.
That's a very sharp rise on DAX at the moment from 10440 so we are wondering if wave 2 pullback is already accomplished. Well, if price will close above 10600 today, then we definitely should consider further gains tomorrow, while 10511 will not get overlapped.
German DAX, 30Min