Elliott Wave Analysis On USDCAD And S&P500

Gregor Horvat

USDCAD is in fifth wave up, which means that we need to be aware of limited upside but for now there is still room to see an extension up to 1.3200 or maybe even 1.3230 area, before we may get a bigger corrective set-back in three waves.

USDCAD 30 Minute Chart

USDCAD 30 Minute Chart

E-mini S&P500 is at its intraday low of a five wave decline down from 2155 as shown on 5min chart. This is an impulse that can send price even lower after a three wave bounce that we must be aware of during the US hours.

S&P 5 Minute Chart

S&P 5 Minute Chart

Source: www.ew-forecast.com

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