We can see metals moving slightly higher this morning, despite some USD gains seen against the EUR and GBP. Commodity currencies are doing quite well, with a short-term bullish structure on the Aussie and a bearish one on USDCAD. Our focus is still on USDCAD where we see a break beneath the trendline support that can potentially send prices lower into wave five, but after a completion of wave two.
USDCAD, 1H
Oil is also very important here, which did not form a bottom yet, but it may occur around 46.50.
Crude oil, 1h
