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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

 


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