• 274 days Could Crypto Overtake Traditional Investment?
  • 279 days Americans Still Quitting Jobs At Record Pace
  • 281 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 284 days Is The Dollar Too Strong?
  • 284 days Big Tech Disappoints Investors on Earnings Calls
  • 285 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 287 days China Is Quietly Trying To Distance Itself From Russia
  • 287 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 291 days Crypto Investors Won Big In 2021
  • 291 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 292 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 294 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 295 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 298 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 299 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 299 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 301 days Are NFTs About To Take Over Gaming?
  • 302 days Europe’s Economy Is On The Brink As Putin’s War Escalates
  • 305 days What’s Causing Inflation In The United States?
  • 306 days Intel Joins Russian Exodus as Chip Shortage Digs In
  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