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 now on a short-term basis to prints a Bearish Expanded Flat 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 1.2425 price area which is the termination point of bullish wave a leg. In my judgment, price action in USD/CAD currency pair is now rising up to print a Bullish 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 bearish price action is the Bearish Impulse Wave which is part of a higher degree bearish wave C Elliott wave leg.
Currently, Bearish Expanded Flat 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 1.2415 price area. However; if the price of USD/CAD currency pair breaks above 1.2425 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 also 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.
To me; price is trying to complete the Bearish Zig Zag Elliott wave pattern. Now, market is falling down to complete the bearish wave C leg. The bearish wave C leg is the last and final decline as price is going to complete the Bearish Zig Zag leg. Within the Bearish wave C pattern, all sub-waves must sub-divides into an impulse 1, 2, 3, 4 and 5 waves Elliott pattern.
The following Elliott Wave Zig Zag pattern diagram shows us a completed Bearish Zig Zag 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 Zig Zag. Now, price is probably going to falls more lower to complete the bearish wave C leg. To me; in fifteen minutes chart of USD/CAD currency pair the bullish leg wave (iv) in price action is just a pull back in a down trend as mentioned above as a Bearish Expanded Flat leg inside a 15 minutes price chart.
Strong key resistance level is present at 1.2662 in USD/CAD four hours chart. So, I expect market to falls down more now to complete the bearish wave C 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 1.2662 resistance area in 4 hours time frame to keep the down trend alive. A clear bullish break out in price action above 1.2662 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 1.2405 price area, as price is going to drop more towards 1.2315 but a clear bullish break out in price action above 1.2662 vital resistance area will end the down trend. On a short term basis, it is again a bearish trend in USD/CAD 15 minutes time frame and a good idea is to take a sell trade around 1.2415 price level and price is probably going to drop towards 1.2325 price level. However; if the price of USD/CAD currency pair breaks above 1.2425 vital resistance level then bearish 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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