If OIL Goes Up, Then USDCAD Must Go Down…

Grega Horvat

Crude oil recovered in five waves yesterday from 43.75 followed by a three-wave retracement back to wave four levels seen near 45.80 where market found a support, so higher price for wave 3)/C) is expected to unfold.

Crude Oil Hourly Chart

Crude Oil Hourly Chart

If oil will continue to the upside then we can expect USDCAD to move lower as well; into a third leg of decline after we identified an ending diagonal last week.

USDCAD Hourly Chart

USDCAD Hourly Chart

Source: www.ew-forecast.com

Comments

comments