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USDCAD

USDCAD is moving sideways after a recent strong extended rise from 1.3300 that looks like  wave (iii). Notice that the current price move is overlapping in tight range, so it can be a triangle or a more deeper wave (iv) which could either continue up from here or from around 1.3500. Invalidation level is around 1.3410.

USDCAD, 1H

USDCAD 1

Crude OIL

The reason for the bullish USDCAD are falling oil prices which are expected to reach even lower levels after the recent corrective rally up in wave iv that appears completed now at 39.00. We see room for a further decline to around 35.00 where downside can be limited.

Crude OIL, 1H

OIL 1