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Elliott Wave Analysis on USDCAD And FTSE100

USDCAD

We know that USDCAD is trapped in a two month consolidation pattern, probably a triangle. On the 1h chart we see price turning up now above the channel resistance line that puts wave D) in play for 1.3050-1.3080 area, where another and final pullback may occur down for wave E) to complete this very complex correction.

USDCAD, 1H

USD/CAD 1-Hour Chart


FTSE 100

We see European stocks turning slightly to the downside today, most likely into a new corrective setback. DAX already lost 150 points, so we think that lower prices may also follow on the UK Index. From a technical perspective we see waves A down and B up to around 6660, from where price may turn down for wave C, third leg of a corrective retracement, that can be headed down to 6540 gap area to complete a contra-trend structure.

FTSE100, 15Min

FTSE100 15-Minute Chart

 


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