USD/CAD Can Face Limited Upside, while Oil Recover into A Correction - Elliott wave Analysis

Gregor Horvat Wavetraders

Good morning everyone!

We see temporary risk-off mode, with lower stocks and also crude oil this week, while dollar is showing some strength against commodity currencies at the moment. But the question is for how long. Notice that on USDCAD we see market in wave C of a corrective advance which is already approaching that resistance around 1.3400 where bulls may slow down and bears may wake up.

USDCAD, 1h

At the same time we see crude oil now in fifth wave of A) so a rally can follow into wave B) soon that may help to limit the upside for USDCAD as well.

Crude oil, 1h

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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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