EverythingForex

WEEKLY Chart: USDCAD: Some More Upside Before The Fall?

FX:USDCAD   U.S. Dollar / Canadian Dollar
On this weekly chart, what I see is that there is STILL just a little more upside to go before we are to see some kind of retracement. In this chart, I'm zoomed in the on the wave (3) and have broken down it's internal wave count. But according to the wave count, there is still a wave 5 of (3) to come. So that is suggesting some more upside still.

Divergence has been building for weeks now. And is getting to critical point. One more push up and it should trigger the divergent relief plunge.

In the RSI, there is a contracting triangle that has been forming and is still missing the leg D and Leg E. I see those two legs forming in the next 2 weeks or sooner. But keep in mind that formations within RSI and other indicators are not so reliable and are only "INDICATORS". Not predictors or prognosticators!

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