USD/CAD is ticking higher after a three wave of decline and broken line of a corrective channel that normally confirms a continuation of a larger trend, which was higher. So ideally that drop was wave four and market is pushing prices higher into a wave five which will be expected to retest 1.2915 high once 1.2818 is out. Any lower oil prices will help USD/CAD to stay up.
USD/CAD, 1H
German DAX is declining sharply, now seen in a fifth wave on adjusted wave count, so we still think that impulsive drop will come to an end soon and that bounce will show up. We are waiting on a corrective rally, and ideally it will show up from near.term 61.8% Fib. support projection and 161.8-200% Fib. extension. There is also a divergence on MACD which suggests that temporary low may not be far away.
German DAX, 1H
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.
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