Elliott Wave Analysis: Crude Oil And USD/CAD
Gregor Horvat | Jun 05, 2017 05:34AM ET
Our special attention this week will be on oil and USD/CAD. Notice that oil has made three waves down and is turning nicely up since Friday, so ideally market accomplished a corrective set-back. If that's the case then more gains will be seen on CAD, which suggests lower USD/CAD after pair made only three waves up to 1.3530 resistance. We can see a broken channel line which indicates more weakness ahead, especially after wave ii) pullback.
Crude OIL, 1h
USD/CAD, 1H
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