USD/CAD: Bears Could Be Back Near Resistance At 1.3
Gregor Horvat | Aug 08, 2022 04:18AM ET
We have another important week for global markets as speculators are going to focus on CPI report from the United States. This data will be released on Wednesday, so until then, we may not see a lot of changes in the current trends.
We see stocks in a strong recovery mode with room for more upside while USD can see a sell-off, especially vs. commodity currencies which are very strong. AUD, NZD, and even USD/CAD can see more upside, despite lower crude oil prices. But if crude would stabilize, we think USD/CAD has an excellent chance of breaking the support.
From an Elliott wave perspective, we see three legs up, possibly already a completed correction, as we see three legs up on the intraday chart. Break below wave b swing near 1.2815 calls for 1.27
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