The oil price is directly related to the Canadian dollar level, let's discuss oil in light of the Canadian dollar, which is likely enters to a corrective uptrend.
The uptrend has ended in the range of USD 43.15, and the price has entered to the corrective phase (the downtrend), the first wave of which ended the range of 36.01.
Currently, we are in the C wave from B point, where the price is beautifully forming the patterns of Ending Diagonal and Double Top. Also, divergence is quite visible in MACD and RSI, all these cases indicate a strong downtrend in the direction of C wave and the completion of B / 2 wave, the first target of which is 36.01, and then, according to Fibonacci percentages, it can drop to the range of USD 33 and 31
Please note that the Ending Diagonal pattern is not completed yet, this analysis can be confirmed by crossing the price from a range of 40.17
The uptrend has ended in the range of USD 43.15, and the price has entered to the corrective phase (the downtrend), the first wave of which ended the range of 36.01.
Currently, we are in the C wave from B point, where the price is beautifully forming the patterns of Ending Diagonal and Double Top. Also, divergence is quite visible in MACD and RSI, all these cases indicate a strong downtrend in the direction of C wave and the completion of B / 2 wave, the first target of which is 36.01, and then, according to Fibonacci percentages, it can drop to the range of USD 33 and 31
Please note that the Ending Diagonal pattern is not completed yet, this analysis can be confirmed by crossing the price from a range of 40.17
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