Based on technical analysis USD/CAD Elliott Wave Forecast, the bullish trend is present in USD/CAD currency pair, 4 hours time frame based on USD/CAD Elliott Wave Weekly Forecast. As I have forecasted few hours ago, the price of USD/CAD pair is going to rise up now to prints a Bearish Impulse wave Elliott wave pattern and traders should look for a sell trade. So, all those Forex traders who have followed my Elliott wave forecast have made the right decision as price has ascended.
Strong key support level is present at 1.4148 price area which is termination point of Bearish corrective wave iv leg. In my judgment, price action in USD/CAD currency pair is now going to move sideways. Next expect further rise in price action to complete a Bullish Impulse wave pattern – wave v. So, market is going to remain bearish on a short term basis. Next, expects a short term top in price action as well. Based on Elliott wave forecast, current Bullish trend is part of a Bullish motive Elliott wave pattern, wave 3 leg in higher time frame.
Currently, Bullish impulse Elliott wave pattern, wave v leg looks in-complete. So, a good idea is to look for a possible buy trading chance to join up trend around 1.4336 price area. However; if price of USD/CAD currency pair breaks below 1.4148 vital support level then up trend is going to end. In such a market scenario, it would be best not to trade Forex market and re-do USD/CAD Elliott wave analysis in four hours chart.
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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 daily chart of USD/CAD pair with my Elliott wave forecast which shows us a big picture and a well started bullish trend as well.
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To me; price is printing Bullish impulse wave 3 leg which is going to complete soon. So, now expect price action in USD/CAD currency pair to rise up more to complete motive wave pattern. Next, price is going to prints a medium term top as well. Within Bullish Impulse Elliott wave pattern, all sub-waves must sub-divides into 5, 3, 5,3 and 5 waves pattern.
The following Elliott Wave Bullish Impulse wave pattern diagram shows us a completed Bullish Impulse wave pattern within the frame work of Elliott wave principle.
The Bullish Impulse Wave pattern of the Elliott wave principle shows that how price action does not moves in a straight line fashion but in a series of higher swing highs and higher swing lows. Bullish Impulse Elliott wave pattern in an up trending market could be seen inside the above image. The figure shows what a Bullish Impulse Elliott wave pattern looks like. If a trader knows what a Bullish Impulse Wave pattern looks like, then it would become much easy for a currency trader to actually analyze the Forex charts and make a trading decision as well.
A Bullish Impulse wave consists of total five waves. Three bullish legs in the favour of an up trend. And two bearish corrective Elliott wave patterns, against the upward market trend. We use numbers to label impulse wave 1, 2, 3, 4 and 5. Inside wave 2 and 4, we use English alphabets to label corrective wave structures. Please take a note that Bullish Impulse Wave pattern is a motive Elliott wave pattern. It appears at a trending market environment and moves in the favour of larger upward market trend.
Based on my USD/CAD using Elliott Wave in daily chart, we have got an in-complete bullish wave 3 leg. So, market is going to first move sideways and then rise up to prints bullish Impulse wave 3 pattern. However; it is possible if price breaks below green colour support line then forecast will become in-valid. Now, price action is probably going to move sideways.
To me; in four hours chart of USD/CAD currency pair the bearish waves iv leg which is part of a higher degree wave 3 impulse pattern in daily chart is just a bearish leg in an up trend. As mentioned above as Bearish Impulse wave leg inside a 4 hours chart.
Strong key support level is present at 1.3328 price area in USD/CAD daily chart. So, I expect market to first move sideways for next coming trading days and then may be start moving up. So, in my opinion market is going to remain bullish overall. And on a medium to long term basis, expects a sideways to bullish leg in market. Next, market is probably going to resume the Bullish trend after that in USD/CAD currency pair, in daily chart.
Now, when an existing Bullish Elliott Wave Weekly Forecast in USD/CAD is going to fail?
Well, the forecast is good for about next two weeks time. And price should stays above 1.3328 support area in daily time frame to keep the up trend alive. A clear bearish break down in price action below 1.3328 support area will end an up trend. It will also fail bullish Elliott Wave Weekly Forecast as well. In such a market scenario, it would be best not to trade the market and re-analyze USD/CAD daily chart.
Based on USD/CAD Elliott Wave Weekly Forecast the trend is up in daily chart. A good idea is to look for a buy trade around 1.4400 price area. As price action is going to rise up towards 1.4788. But a clear bearish break down in price action below 1.3328 vital support area will end up trend. On a medium term basis, it is a bullish trend in USD/CAD 4 hours time frame.
A good idea is to take a buy trade around 1.4336 price level. Next, price is probably going to rise up more towards 1.4560 price level. However; if price of USD/CAD currency pair breaks below 1.4148 vital support level then bullish 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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