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 Impulse wave Elliott 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 1.2894 price area. In my judgment, price action in USD/CAD currency pair is now going to drop more to print a Bearish Impulse wave (iii) leg as bullish Zig Zag corrective wave ii leg is going to complete soon. So, market is going to remain bearish to complete the Bearish Impulse Elliott wave (iii) pattern which looks in-complete. Based on Elliott wave analysis, the current bearish price action is part of a bearish wave 3 impulse wave leg in higher degree Elliott wave pattern.
Currently, Bearish Impulse Elliott wave (iii) leg looks in-complete. So, a good idea is to look for a possible sell trading chance to join the down trend around 1.2855 price area. However; if the price of USD/CAD currency pair breaks above 1.2894 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.
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Now, at this point; I must acknowledge that the trend is also bearish in higher time frame of USD/CAD currency pair.
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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.
Now market is trying to falls down to complete the Bearish Impulse Elliott wave pattern. The bearish wave 3 leg is not the last and final decline as price is going to falls and rise up few more times. Within the Bearish Impulse wave 3 leg, all sub-waves must sub-divides into 5, 3, 5, 3 and 5 waves Elliott pattern.
The following Elliott Wave Bearish Impulse pattern diagram shows us a completed Bearish 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 Bearish Impulse wave 3. Now, price is probably going to falls more lower to complete the bearish wave 3 leg. To me; in fifteen minutes chart of USD/CAD currency pair the bullish leg in price action is just a pull back in a down trend as mentioned above as Bullish Double Zig Zag inside a 15 minutes price chart.
Strong key resistance level is present at 1.2919 in USD/CAD four hours chart. So, I expect market to falls down more now to complete the bearish wave 3 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 1.2919 resistance area in 4 hours time frame to keep the down trend alive. A clear bullish break out in price action above 1.2919 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 1.2835 price area, as price is going to drop more towards 1.2235 but a clear bullish break out in price action above 1.2919 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 1.2855 price level and price is probably going to drop towards 1.2805 price level. However; if the price of USD/CAD currency pair breaks above 1.2894 vital resistance level then bearish trend is going to end. We recommend trading with these top-rated brokers when using our signals/analyses/forecasts as they handle your trades quicker and more efficiently with very low spreads and most of them have high trade execution rate.
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