• 3 days Big Business’ New COVID Initiative: No Jab, No Job
  • 5 days The Most Interesting Stocks Of Earnings Season, For Better or Worse
  • 7 days Chinese Stocks Rebound After Regulatory Scare
  • 9 days Apple Stocks Falls After Blowout Earnings Report
  • 9 days The 5 Biggest IPO Disasters Of 2021
  • 10 days Crypto-Based ‘Shadow Financial Market’ Spooks Regulators
  • 13 days Ireland Balks At Biden’s Global Tax Plan
  • 16 days Robinhood To Trade On Nasdaq Targeting $32B Valuation
  • 19 days Facial Recognition Is Watching You
  • 20 days Biden’s $3.5T ‘Human Infrastructure’ Workaround
  • 20 days The Fed’s $3 Trillion Headache
  • 24 days Why Bitcoin Could Struggle To Recover After Epic Crash
  • 24 days Wells Fargo Back In The Spotlight Over Personal Loan Cancellations
  • 25 days Delta Variant Real Threat To Economic Recovery
  • 28 days JEDI Drama Continues With Microsoft Contract Cut
  • 30 days DiDi Shares Take a Beating From Chinese Regulators
  • 31 days Thousands Of Companies Hit In Latest Ransomware Attack
  • 31 days Jobs Report Has Big Numbers, But Still Big Problems
  • 32 days Robinhood’s ‘Mission’ Questioned in $70M Fine
  • 35 days Didi Just Went Public, And Uber Is Loving It
Gregor Horvat

Gregor Horvat

Gregor Horvat, based in Slovenia, has been in the forex markets since 2003. He is a technical analyst and individual trader who has worked for…

Contact Author

  1. Home
  2. Markets
  3. Other

Elliott Wave Analysis: SP500 and USDCAD

ECB did not cause any significant moves on the markets as everyone waits on NFP tomorrow, so actually our view remains the same. We still think that USD can get stronger, especially against commodity currencies which are under pressure because of lower oil and metals. On stocks we have seen some turn in the last few hours, with S&P500 now trading higher into wave c of a flat correction which has room for 2375-2383 area where we will expect a bearish turn.


S&P500, 1H

S&P500 1-Hour Chart

USDCAD is moving higher for the last two weeks, possibly in wave C of a bigger flat correction within downtrend. If that's correct then resistance is not far away as we see price in subwave five now, running out of a fourth wave triangle. However, there is room for 1.3600/1.3620 before market may turn lower, beneath 1.3396, which would be our confirmation point.


USDCAD, 1H

USD/CAD 1-Hour Chart

 


Visit our website and Get more charts and forecasts with free access through 14-Day Trial Offer
You can also follow us on twitter @ewforecast
www.ew-forecast.com

 

Back to homepage

Leave a comment

Leave a comment