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.

CRUDE OIL,4H

OIL4H

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.

USD/CAD,4H

USDCAD4H

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.

How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.
Joanna Jet 4 weeks ago Member's comment

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