May unfold like this (or may be not). However, watch out USDCAD responsiveness to Oil these days. It will give clues how this pair may be going. Good Trades.
Oil seems to follow the predicted ABC formation. As I said watch the USDCAD responsiveness. Such a strong Oil drop did NOT affect USDCAD that much. Meaning that there is a weakness. I have also observed a Wedge formation at USDCAD, which is a highly effective indicator. Details about my USDCAD analysis will follow separately soon.
If the predicted move comes true up to the target point#2 shown on chart, it would mean that EVERY SINGLE LINE that I have put on the chart has almost been fulfilled since April 29th (check my previous Oil charts as well). Well, call it luck if you want, but it shows the power of the wave theory and the strength of a thorough analysis to say the least. Your Thumbs Ups will be appreciated greatly.