Attention! Oil is reaching a possible Bounce-back Area.

Watch if there will be a strong bounce-back (Thrust) at the area marked with a circle on the chart. If this happens (within a few days or so), it means that we are looking at a major trend line change in oil in the "UP" direction. If not, then weakness is still there and Oil may go down further. However I think that the chances for a trend change is significant. Bear in mind that also the wave counts (minor and major) seems to be complete at this crossing. If this trend change occurs, then USD-CAD pair will fall. Keep in mind that there is some multi-shoulder Head&Shoulder barely recognizable at USD-CAD pair. Further weakness of oil, meaning piercing this significant crossing (red circle) would easily mean that USDCAD climbing all the way to 1.36 levels (end of 5th major wave on USD-CAD). Will be interesting to watch. Regards and good trades.