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Elliott Wave Analysis On Crude OIL And USDCAD

Crude OIL

It seems that we will see more upside on crude oil soon as current minor retracement from yesterday highs looks corrective. It can be wave iv) within wave five of 3 that can be targeting 52-53 area, where market may also find some resistance for a pullback down into wave 4. Based on bigger charts, we see black wave 3 in late stages.

Crude OIL, 1H

rude Oil 1-Hour Chart


USDCAD

USDCAD fell down from 1.3310 but it made overlap with 1.3224, thus move down is not impulsive which means that it was only a pullback, maybe of wave 4) that belongs to an ending diagonal. If we are correct then another push up to 1.3350 area is coming by the end of the week before we may start turning bearish on this one. For now it's too soon, at least while 1.3047 holds.

USDCAD, 1H

USD/CAD 1-Hour Chart

 


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