Elliott Wave Update of USDCAD – June 24th, 2026

Key Takeaways

• Gold slides as Fed hawkishness lifts dollar strength.
• Crude oil dips amid easing Strait of Hormuz traffic and geopolitical uncertainty.
• Bitcoin tests $60,000 support, extending two‑week decline.
• EURUSD loses >120 pips, reflecting US‑Euro rate divergence.
• S&P 500 falls 1.8% on tech cash‑flow concerns.

Pulse Analysis

Elliott Wave analysis remains a popular lens for interpreting market cycles, especially when macro forces converge. This week’s updates highlight how the Federal Reserve’s hawkish tone is amplifying the U.S. dollar, pressuring gold and other safe‑haven assets. At the same time, the gradual normalization of oil shipments through the Strait of Hormuz, despite lingering US‑Iran diplomatic talks, is nudging crude prices lower, reinforcing a broader risk‑off sentiment that is echoed in equity markets.

For investors, the technical picture is stark: gold’s price action is entering a corrective wave, crude oil is in a down‑trend wave, and Bitcoin’s price is testing a critical $60,000 support zone that could trigger a deeper corrective phase if breached. The EURUSD pair’s 120‑pip slide underscores the widening yield differential between the Fed and the European Central Bank, while the USDJPY rally appears to be riding a short‑term impulse wave amid Bank of Japan policy shifts. The S&P 500’s 1.8% weekly decline, driven by tech cash‑flow squeezes, suggests that the broader equity market may be transitioning into a corrective wave as earnings pressures mount.

Looking ahead, market participants should monitor key Elliott Wave pivot points for signs of a trend reversal. A sustained bounce in gold or a stabilization of Bitcoin above $60,000 could signal the start of an impulsive wave, while a continued decline in oil and equities may deepen the corrective phase. Diversifying across asset classes, tightening risk controls, and staying attuned to central‑bank rhetoric will be essential for navigating the volatility that Elliott Wave patterns currently forecast.