Crude OIL And USDCAD In Fascinanting Connection! (Elliott Wave)

Hello fellow traders,

An Elliott Wave leading diagonal can be completed at the 1.334 region, from where a sharp drop occurred. This drop can be part of a three-wave pullback within a higher degree wave 2), with possible support near the 1.317/1.314 region.

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USDCAD, 4h

usdcad, 4h

As we know, in negative correlation with USDCAD is Crude OIL, which shows us a part of a bigger triangle being made. We are observing a three-wave rise in an A-B-C manner up from 50.52 level, with possible resistance and a bearish turn near the 57.65/58.8 area.

Once wave E of a bigger pattern fully develops, and we see a break below the 50.52 area, that is when a bearish continuation will be underway on OIL, and a resumption of the bulls on USDCAD.

Crude oil, 4h

oil, 4h.