E Resistance On Crude Oil Can Be Supportive For USD/CAD

Today we will talk about Crude oil + USD/CAD and their negative correlation, as Canada is the third-largest oil reserve.



As you can see, Crude oil turned sharply down from the highs in March, while USD/CAD recovered strongly from the lows, which we see as a first leg A.
Well, recent slow price action and corrective wave structure we see as a wave B correction, which means that we have to be aware of wave C that can push Crude oil back to lows, while USD/CAD may face a bigger recovery back to highs. So, watch out for limited current movement and be aware of reversals that can occur anytime soon.



Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.

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Joanna Jet 4 weeks ago Member's comment

Thanks for the share. And I like your new photo Gregor! Looking good!