Elliott wave Analysis: USDCAD and Crude oil

Gregor Horvat Wavetraders

Good morning traders,

USDCAD turned down in five waves from 1.3262 which means that pair is in new intraday bearish trend which is likely going to see lower prices after A-B-C bounce to 1.3200 resistance from where market may drop even to 1.3055 swing support from Nov 07. At the same time, we also see Crude oil in recovery mode within wave 4) that can be headed to 59.42 resistance by the end of the week.

USDCAD, 1h

Crude oil, 1h

Interested in active FX Elliott Wave labeled charts on a daily basis. Now its your time; we have Limited Offer; get a 14 day trial for 1€.
Check our website www.ew-forecast.com for more details.

Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

EUR/USD extends its optimism past 1.1900

EUR/USD retains a firm underlying bid, surpassing the 1.1900 mark as the NA session draws to a close on Monday. The pair’s persistent uptrend comes as the US Dollar remains on the defensive, with traders staying cautious ahead of upcoming US NFP prints and CPI data.

GBP/USD hits three-day peaks, targets 1.3700

GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.

Gold picks up pace, retargets $5,100

Gold gathers fresh steam, challenging daily highs en route to the $5,100 mark per troy ounce in the latter part of Monday’s session. The precious metal finds support from fresh signs of continued buying by the PBoC, while expectations that the Fed could lean more dovish also collaborate with the uptick.

XRP struggles around $1.40 despite institutional inflows

Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.