USD/CAD Daily – Corrective top may be in place… (and 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).
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)
Gold Daily: Testing key swing low support and looking a bit “oversold.”
