Based on the hourly view, oil futures have moved down from the 53.76 high in a five-wave impulse pattern. We have a near-term extension target to 48.69; but we are close. So a corrective rally may be due. We have overlaid CAD/USD so you can see the continued correlation holding... oil down CAD down...
Oil Futures Vs. CAD Hourly... Still Tight And A Bounce May Be Near
Oil futures have moved down from the 53.76 high in a five-wave impulse pattern. We have a near-term extension target to 48.69; but we are close. So a corrective rally may be due.
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