Contributors Technical Analysis Elliott Wave Analysis: Negative Correlation On Crude Oil And USD/CAD

Elliott Wave Analysis: Negative Correlation On Crude Oil And USD/CAD

Crude oil turned sharply lower as expected and now we can expect even more weakness towards 51-50 area to complete that big expanded flat correction. At the same time, a negative correlated market USDCAD bounced away from wave D of a big bearish triangle, which means that we may see now a bigger three-wave a-b-c recovery for the final wave E, where 1.3280 resistance area can be tested before another drop. So, once Crude oil completes a big expanded flat correction, this is when USDCAD may complete the big triangle.

Crude oil, 1h

USDCAD, 1h

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