Possible Path for USD/CAD
Keeping a close eye on possible road map for USD/CAD. I will be looking for divergence on the momentum indicator as well as a higher price to complete the mini wave B of the Elliott Wave correction. Then, with the moving averages close to crossing and hopefully an easy to read candle stick at the top, the SELL will be on.
Note
Despite selling today and divergence on the momentum indicator, I have not entered a SELL trade. The volatility oscillator has shown a considerable move down but it is below what is considered a high move. Also, price has come down as a result but has not come down below the 11 MA. Therefore, I think there is a fair chance that the price will go back up tomorrow and the road map might still be on.Note
Price has gone up slightly as predicted and so has the momentum (14) indicator. The momentum is still positive although below the 14day average. The daily chart is showing a flag/pennant pattern. I am not trading yet and will keep fingers crossed that the road map will still be valid into early next week.
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