Elliott wave analysis: USD/CAD while crude oil trades below $62.00 resistance

Gregor Horvat Wavetraders

USDCAD came down from a triangle two weeks back, pushed price into wave 5 which is bottoming now and completing a higher degree bearish impulse after an impressive bullish turn from 1.2363. We see current recovery as the first leg A of a higher degree A-B-C pattern, so be aware of more upside after recent retracement to 1.2500-1.2545 area. It looks like wave B can be finished. Also, do no forget on crude oil which seems to be very slow and consolidating, and it may be bullish for USDCAD while energy trades beneath $62.00

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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