USD/CAD Daily: Maybe A Corrective Top In Place? Gold Correlation?

The corrective top labeled Wave A may be in place for USD/CAD. Near-term support at 1.3256 with scope back to at least 1.2900 level if this A Wave is complete. Gold price action may help, as the two have been correlated in here (second chart below).

(Click on image to enlarge)

062818 cad daily.png

USD/CAD versus Gold (price inverted): The price series have been well correlated; thus a strengthening dollar should coincide with gold strength if this correlation continues. Gold does appear a bit "oversold" at the moment. (see next chart below)

(Click on image to enlarge)

062818 gold vs cad.png

Gold Daily: Testing key swing low support and looking a bit "oversold". 

(Click on image to enlarge)

062818 gold.png


How did you like this article? Let us know so we can better customize your reading experience.