USD/CAD Daily: Maybe a corrective top in place? Gold correlation?

President, Black Swan Capital, LLC • Jun 28, 2018 at 11:13 AM EDT

The corrective top labeled Wave A may be in place for USD/CAD. Near-term support at 1.3256 with scope back to at least 1.2900 level if this A Wave is complete.

USD/CAD Daily - Corrective top may be in place... (and gold correlation)

The corrective top labeled Wave A may be in place for USD/CAD. Near-term support at 1.3256 with scope back to at least 1.2900 level if this A Wave is complete. Gold price action may help, as the two have been correlated in here (second chart below).

062818 cad daily.png

USD/CAD versus Gold (price inverted): The price series have been well correlated; thus a strengthening dollar should coincide with gold strength if this correlation continues. Gold does appear a bit "oversold" at the moment. (see next chart below)

062818 gold vs cad.png

Gold Daily: Testing key swing low support and looking a bit "oversold."

062818 gold.png

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