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Elliott Wave Analysis: USD/CAD And OIL Facing Reversals!

USDCAD perfectly hit 1.3100 target for wave »v« and at the same time even a negative correlated market crude oil can be approaching 5th wave, so we would not be surprised if we see some reversals at least in three waves. However, to confirm a potential pullback, USDCAD needs to turn back above 1.3200 region, while crude oil bears may show up only if we see a drop below 55 region.

USDCAD, 1h

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Crude oil, 1h

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