As crude oil is falling USDCAD is moving up. ON the pair we see an extended wave (iii) from 1.1223 with room for another high, up to 1.1470 where pair can be looking for some resistance and a short-term pullback down in wave (iv). That upcoming blue wave (iv) could be very interesting for longs against 1.1317 invalidation level. I will keep a very close eye on that pair
USDCAD 1h Elliott Wave Analysis
Crude oil also suggests more weakness this week, but after a fourth wave bounce that can take place at the start of the week. Ideally the downtrend will resume after a rally back to 67-96.60 resistance of a fourth wave of a lesser degree.
Crude Oil (Jan 2014) 1h Elliott Wave Analysis