www.TheLFB-Forex.com The Forex Trader Portal
Chart Of The Day Update:
USD/CAD Long Off With Oil Under $82
S&P Futures held below the 1062 area over the past session or two, after the short break-out on Tuesday during Wall Street cash trade. The DOW 0.14% in green, while the S&P (-0.33%) and NASDAQ (-1.20%) finished in the red.
The U.S. Dollar Index traded higher in response, and has held the higher ground, despite slowing down the buying in the overnight Asia session, The index settled around the 76.20 and 76.10 support regions.
At the start of the European session the German DAX fell quickly from the previous close of 5637 to 5528 daily lows, which pushed the U.S. dollar even higher.
One of the weakest currencies against the Usd this week is the Canadian dollar, which has moved lower by more than 2% this week.
As such, TheLFB Elliott Wave team is looking for a move into the 1.0900 resistance area over the coming days, but only if Oil is able to hold below the $82 per barrel area after the Crude Oil Inventories report today at 10.30am on Wednesday.
USD/CAD Elliott wave view
4 Hour chart trend: Long. Main price points: 1.0376, and 1.0900. Looking for: Break through upper resistance line
The USD/CAD pair broke through the red wave I top at shown at 1.0581, and that was the key for the move towards the trend line resistance, as discussed recently. If the trend upper line also gets broken around 1.0730 in the near-term then prices may trade into the 1.0900 Fibonacci resistance area, where the wave III top of a new impulse trend (long) may be hit.
The wave count stays valid so long as the 1.0376 low holds.
CAD/USD-cad255.3.gif" target="_blank" rel="nofollow">
TheLFB Charting: USD/CAD 4 Hour Elliott Wave view