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 Impulse Elliott Wave pattern wave (iii) 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 1.2816 price area which is the termination point of Bullish wave (i) leg. In my judgment, price action in USD/CAD currency pair is first going to move sideways and then rise up to prints a Bullish Impulse wave (iii) leg. So, market is going to rise up more now to complete the Bullish Impulse Elliott wave pattern which looks in-complete. Based on Elliott wave analysis, the current bullish price action is the Bullish Impulse wave leg which is part of a higher degree Bullish Impulse wave 3 Elliott wave pattern.
Currently, Bullish Impulse 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 1.2870 price area. However; if the price of USD/CAD currency pair breaks below 1.2816 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 also bullish 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 bullish trend as well.
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To me; price is trying to complete the Bullish Impulse Elliott wave pattern. Now, market is rising up to complete the bullish wave 3 leg. The bullish wave 3 leg is the not the last and final rise as price is going to drop and rise up, several more times. Within the Bullish Impulse Elliott pattern, all five sub-waves must sub-divides into 5, 3, 5, 3 and 5 waves structure pattern.
The following Elliott Wave Bullish Impulse pattern diagram shows us a completed Bullish Impulse wave 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 Bullish Impulse Elliott wave pattern. Now, price is probably going to rise up to complete the bullish impulse wave 3 leg. To me; in fifteen minutes chart of USD/CAD currency pair the bearish leg in price action was just a pull back in an up trend as mentioned above as a Bearish Zig Zag corrective wave pattern in a 15 minutes price chart.
Strong key support level is present at 1.2590 in USD/CAD four hours chart. So, I expect market to rise up more now to complete the Bullish Impulse Elliott wave pattern – wave 3 leg. So, in my opinion market is going to remain sideways a little bit and then resumes an up trend in USD/CAD currency pair, in 4 hours chart. However; price should stays above 1.2590 support area in 4 hours time frame to keep the up trend alive. A clear bearish break down in price action below 1.2590 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 1.2868 price area, as price is going to rise up towards 1.2950 but a clear bearish break down in price action below 1.2590 vital support area will end an up 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 1.2870 price level and price is probably going to rise towards 1.2890 price level. However; if the price of USD/CAD currency pair breaks below 1.2816 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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