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The bullish 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 rise up now on a short-term basis to prints a Bullish Zig Zag Elliott wave pattern and traders should look for a buy trade. So, all those Forex traders who have followed my analysis have made the right decision as price has ascended.
Strong key support level is present at 1.2061 price area which is the originating point of bullish wave A leg. In my judgment, price action in USD/CAD currency pair is now rising up to print a Bullish Zig Zag Wave C leg. So, market is going to remain sideways to complete the corrective Elliott wave pattern which looks in-complete. Based on Elliott wave analysis, the current bullish price action is the Bullish Zig Zag pattern which is part of a higher degree Bearish Contracting Triangle pattern wave 4 correction.
Currently, Bullish Zig Zag Elliott wave pattern looks in-complete. So, a good idea is to look for a possible buy trading chance to join an up trend around 1.2118 price area. However; if the price of USD/CAD currency pair breaks below 1.2061 vital support level then up 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 bearish in higher time frame of USD/CAD currency pair.
Below is the 4 hours chart of USD/CAD pair with my Elliott wave analysis which shows us a big picture and a well started bearish trend as well.
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To me; price is trying to complete the Bearish Impulse Elliott wave pattern. Now, market is moving sideways to complete the Contracting Triangle Elliott wave leg. The bearish wave 3 leg is not the last and final decline as price is going to complete the Bearish Contracting triangle pattern and decline more. Within the Bearish Contracting Triangle pattern, all sub-waves must sub-divides into an impulse 3, 3, 3, 3 and 5 waves Zig Zag pattern.
The following Elliott Wave Triangle pattern diagram shows us a completed Bearish Contracting Triangle leg 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 Bearish Contracting Triangle pattern. Now, price is probably going to move sideways and then falls more lower to complete the bearish impulse wave 5 leg. To me; in fifteen minutes chart of USD/CAD currency pair the bullish leg wave C in price action is just a pull back in a down trend as mentioned above as a Bullish Zig Zag leg inside a 15 minutes price chart.
Strong key resistance level is present at 1.2440 in USD/CAD four hours chart. So, I expect market to falls down more now to complete the bearish wave 5 leg. So, in my opinion market is going to remain sideways and then resume the down trend in USD/CAD currency pair, in 4 hours chart.
However; price should stays below 1.2440 resistance area in 4 hours time frame to keep the down trend alive. A clear bullish break out in price action above 1.2440 resistance area will end the down 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 down in 4 hours chart and a good idea is to look for a sell trade around 1.2150 price area, as price is going to drop more towards 1.2045 but a clear bullish break out in price action above 1.2440 vital resistance area will end the down trend. On a short term basis, it is a bullish trend in USD/CAD 15 minutes time frame and a good idea is to take a buy trade around 1.2118 price level and price is probably going to rise up towards 1.2160 price level. However; if the price of USD/CAD currency pair breaks above 1.2061 vital support level then bullish trend is going to end. 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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