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USDCAD And Crude Oil Can Resume Trends After Pullbacks

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Jan 25 2021

USDCAD is in a very strong downtrend which may see a new pause if we consider that pair can be now in fifth wave, final leg of an extended wave 3). Latest price action also looks like a wedge which is a reversal pattern, so it can signal for a new recovery soon; ideally back into a new fourth wave. If pair truly will recover then next resistance for a new sell-off can be at 1.2955 (Dec 2019 low), or 1.3000 psychological level. At the same time we must not forget on crude oil price that should stay in uptrend while the price is above the rising trendline, but even this one may face some bears as energy approaches 54.67 swing and Fibonacci resistance at $56.

GH

  



 

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