USDCAD Bullish & USOIL Bearish (Rest of Month)

FX:USDCAD   US-Dollar / Kanadischer Dollar
120 0
In my opinion, USOIL will top out at very soon (in between $48 to $50 a barrel) then turn bearish for rest of month, this means that USDCAD will be bullish , after it has completed its 1 to 2 wave of ( Elliot Impulse Wave (12345)- downward this 1st part of this coming start of trading. Note: Bearish Engulfing chart pattern on chart with last 4 hour red candlestick being longer then previous green candlestick . This means that current market pair pressure is with the BEARS now.

Oil has been making highs for the last three weeks, with current price of over $48. Fairly, soon USOIL will this coming week turn bearish , continue to watch shorter time frames of 1 hour or less on exact time of this event. Always, look for major support and resistance areas and breaks of long term TRENDS to confirm a long term direction trend change.

I will be bearish for USDCAD starting next week, until a bottom chart pattern appears on 1 hour of less time frames. Looking for put trades until that that time of a major direction change. Note: On chart my opinion of where both the USDCAD & USOIL will end up by end of this month. The area of 1.30500 appears to be a great SUPPORT for USOIL and a great RESISTANCE area for USDCAD , before they decide to either continue in same direction or reverse.

As always, I wish all traders profits. Trading is not easy, but in life anything worth doing is not easy. Price action #1.

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