IvanLabrie

USDCAD: Crude as an indicator and the importance of fundamentals

NYMEX:CL1!   Light Crude Oil Futures
1074 15 12
Tomorrow we have two key pieces of news that will be released, which can affect the direction USDCAD             will favor.
I'm looking at the triangle at the top, and the current triangle in Crude\s 4th wave (if my count is correct).

There is no clear setup yet, but it might be worth watching to see how the market reacts to both Stephen S. Poloz's (Bank of Canada's governor) and Janet Yellen's speeches.
When both technical and fundamental events align, we have the highest confidence setups.

I will update the chart with any trade setups I find.
My friend's jangseohee's chart is relevant here now:

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This is the completion of my fourth wave projection's C.
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Support right below, not much to do but wait here.
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Updated crude count.
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Downtrend if close below 1.24.
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Interesting developments in crude and usdcad...Seems like we have incoming crude strength!
Check out my gbpcad charts, I opened a short position right now.
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Trayectory is being respected so far. Let's see if we get a clear short at the top.
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docwesley90 IvanLabrie
How did you come up with this trajectory? If it is Elliot Wave analysis I didn't think it gave you actual trajectory's....also what is your view on CL as of now? Target going long and/or short? Thanks.
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IvanLabrie PRO docwesley90
A guess based on Elliott Wave, for the trayectory.
Time and price targets and support/resistance come from time at mode, which is Tim West's methodology.

Crude I think will keep falling, but right now it's hard to say since it's mostly moving sideways when I expected it to go up by this time.

Next week will probably help push usdcad either up or down (most likely up, but grinding its way to the top before correcting down)
We have interest rates decisions and important reports coming, like the non-farm payroll data, as well as the other news I detailed in my fundamental gbpusd chart.
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IvanLabrie PRO IvanLabrie
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I'm in.
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USDCAD long waiting to happen with oil. buy pullbacks to support.
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