Estimated reading time: 3 minutes
The bearish trend is present in USD/CAD currency pair, 15 minutes time frame based on USD/CAD Elliott Wave Forecast. As I have forecasted few hours ago, the price of USD/CAD pair is going to drop up now on a short-term basis to prints a Bearish Zig Zag Elliott wave pattern and traders should look for a sell trade. So, all those Forex traders who have followed my analysis have made the right decision as price has descended.
Strong key resistance level is present at 1.2539 price area which is the termination point of recent pull back in price action. In my judgment, price action in USD/CAD currency pair is now drop more to complete the bearish wave v Bearish Impulse Elliott Wave pattern. So, market is going to remain bearish to complete the corrective Elliott wave Zig Zag pattern which looks in-complete. Based on Elliott wave analysis, the current bearish price action is the Bearish Impulse Wave v which is part of a higher degree bearish wave c Elliott wave leg.
Currently, Bearish Zig Zag Elliott wave pattern looks in-complete. So, a good idea is to look for a possible sell trading chance to join the down trend around 1.2477 price area. However; if the price of USD/CAD currency pair breaks above 1.2539 vital resistance level then down trend is going to end. In such a market scenario, it would be best not to trade the Forex market and re-do the USD/CAD Elliott wave analysis in fifteen minutes chart.
Now, at this point; I must acknowledge that the trend is actually bullish in higher time frame of USD/CAD currency pair.
Below is the 4 hours chart of USD/CAD currency pair with my Elliott wave analysis which shows us a big picture and a well started bullish trend as well.
To me; price is trying to complete the Bullish Zig Zag Elliott wave pattern. Now, market is falling down to complete the bearish wave B leg. The bearish wave B leg is the last and final decline as price is going to rise up now to prints a bullish wave C leg to completes the Zig Zag pattern. Within the Bullish Zig Zag pattern, all sub-waves must sub-divides into five, three, five as A, B and C waves Zig Zag pattern.
The following Elliott Wave Triangle pattern diagram shows us a completed Bullish Zig Zag pattern within the frame work of Elliott wave principle.
Based on my USD/CAD Elliott Wave Forecast in 4 hours chart, we have got an in-complete Bullish Zig Zag pattern. Now, price is probably going to falls and prints a bottom and to starts the bullish rise towards 1.2935 price area. To me; in fifteen minutes chart of USD/CAD currency pair the bearish leg in price action is just a pull back in a down trend as mentioned above as a bearish Zig Zag a, b and c leg inside a 15 minutes price chart.
Strong key support level is present at 1.2413 in USD/CAD four hours chart. So, I expect market to falls down more now to complete the bearish wave B leg. So, in my opinion market is going to remain sideways and then resume the up trend in USD/CAD currency pair, in 4 hours chart. However; price should stays above 1.2413 support area in 4 hours time frame to keep the up trend alive. A clear bearish break down in price action below 1.2413 support area will end an up trend and in such a market scenario, it would be best not to trade the market and re-analyze USD/CAD 4 hours chart.
Based on USD/CAD Elliott Wave Forecast the trend is up in 4 hours chart and a good idea is to look for a buy trade around 1.2478 price area, as price is going to rise up towards 1.2935 but a clear bearish break down in price action below 1.2413 vital support area will end an up trend. On a short term basis, it is a bearish trend in USD/CAD 15 minutes time frame and a good idea is to take a sell trade around 1.2477 price level and price is probably going to drop towards 1.2455 price level. However; if the price of USD/CAD currency pair breaks above 1.2539 vital resistance level then bearish trend is going to end in 15 minutes chart. Forex traders who don’t have a broker yet or wish to go with a broker that works well then click here.
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