We are tracking a new wave count on USDCAD after sharp rally from 0.9767 swing low. Pair is threatening high from start of October, which we believe it will give way based on the latest wave interpretation. We came out with a running triangle in B wave followed by current impulsive wave C of 4) that will look for resistance at 0.9900 or 0.9950.
USDCHF broke into a new low, which we have been waiting for some time now. An updated count shows a completed wave 4) triangle at 0.9370 from where we are tracking an new impulsive bearish decline which will be a wave 5) headed to 0.9100, possibly 0.9000.
We think that S&P500 will continue higher and the reason is a three wave of a pull-back from latest 1474 high which we know is structure of a corrective movement. Ideally thats wave 4 of an incomplete five wave rally in red wave 3. If we are correct, then price will move back above 1480 in the next few weeks that will cause even more bearish pressure on the USD.
Video Archive (Oct 14)