Oil Futures Vs. CAD Hourly… Still Tight And A Bounce May Be Near

Based on the hourly view, oil futures have moved down from the 53.76 high in a five-wave impulse pattern. We have a near-term extension target to 48.69; but we are close. So a corrective rally may be due. We have overlaid CAD/USD so you can see the continued correlation holding… oil down CAD down…