USDCAD at key support, rebound expected

USDCAD reached key support near 1.29. A rise from here is expected for a wave 5 that would eventually could bring the pair to the 1.60 area.

A break above 1.3650 would give credit to this scenario while a break below 1.290 would weaken it significantly if not completely.

This corresponds with crude oil that reached important resistance in the $40 area and should see some retrenchment soon (USDCAD having a high negative correlation to the price of oil).