Elliott Wave Analyisis On USDCAD And Crude OIL
USDCAD is on the rise, breaking above some important trendline from the 4h chart, so looks like that higher prices are coming. We are looking at three waves of recovery for now, which can either be a corrective move or start of a new impulse, but in both cases there is room for 1.3300 in the short-term.
Crude oil is now making a minor consolidation within impulsive extended wave 3. We see price in small blue wave iv-circled that can be also similar in distance compared to wave two-circled, so keep an eye on resistance around 36.70 where we also see 38.2% Fibonacci retracement level compared to wave one. That's very strong region then that can cause a new leg down later today.
Crude OIL, 1H
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