EURCAD could be the play of the next few months

Even though the USD DXY took a bit hit late in the week the USDCAD did not drop as it should have. The CAD is also tied to commodities and especially OIL. So the CAD took a hit too.

With this in mind, the EURO could be strengthening over the coming weeks and it would make sense then to play EUR/CAD as long as OIL continues to correct.

From an Elliott Wave perspective the turn happened following an ending diagonal. And of course, the current move looks impulsive.