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USD/CAD Elliott Wave Forecast 7th May to 21st May 2020

USD/CAD Elliott Wave Forecast 7th May to 21st May 2020

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USD/CAD Elliott Wave Forecast
USD/CAD Elliott Wave Forecast in 4 hours chart

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 Elliott wave pattern and traders should look for a buy 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 1.3849 price area which is originating point of Bullish wave i 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 bullish 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 corrective Elliott wave pattern, wave B leg in higher time frame.

Currently, Bullish 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 1.4000 price area. However; if price of USD/CAD currency pair breaks below 1.3849 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 bearish in higher time frame of USD/CAD currency pair.

USD/CAD Elliott Wave Forecast in daily chart

Below is the daily chart of USD/CAD pair with my Elliott wave forecast which shows us a big picture and a well started bearish trend as well.

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USD/CAD Elliott Wave Forecast

To me; price is printing Bullish corrective wave B and leg. Next, I expect bearish wave C leg after that. So, I expect price action in USD/CAD currency pair to rise up more to complete corrective Bullish Expanded Flat pattern. Next, price is going to prints a top as well. Within Bearish Zig Zag corrective Elliott wave pattern, all sub-waves must sub-divides into 5, 3 and 5 waves pattern.

The following Elliott Wave Bearish Zig Zag corrective pattern diagram shows us a completed Bearish Zig Zag pattern within the frame work of Elliott wave principle.

Bearish Zig Zag Pattern

The bearish Zig Zag 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 lows (retracements) and highs (rises). Bearish Zig Zag Elliott wave pattern in a down trending market could be seen inside the above image. The figure shows what a Bearish Zig Zag Elliott wave pattern looks like. If a trader knows what a bearish Zig Zag 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 Bearish Zig Zag consists of two Impulse Elliott wave patterns, joined by a B wave. We use A English alphabet to label first impulse Zig Zag wave leg and we use C English alphabet to label second Impulse Zig Zag wave leg. Please take a note that Bearish Zig Zag pattern is a corrective Elliott wave pattern which appears at a pull back in a main down market trend.

Based on my USD/CAD using Elliott Wave in daily chart, we have got an in-complete bullish wave B Bullish leg. So, market is going to first move sideways and then rise up to prints bullish corrective wave B Flat pattern. However; it is possible if price breaks above blue colour resistance 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 wave b leg which is part of a higher degree wave B corrective pattern in daily chart is just a bearish leg in an up trend. As mentioned above as Bearish Zig Zag inside a 4 hours chart.

Strong key resistance level is present at 1.4666 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 bearish 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 Bearish trend after that in USD/CAD currency pair, in daily chart.

Now, when an existing Bearish 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 below 1.4666 resistance area in daily time frame to keep the down trend alive. A clear bullish break out in price ction above 1.4666 resistance area will end the down trend. It will also fail bearish 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.

Summary

 

Based on USD/CAD Elliott Wave Weekly Forecast the trend is down in daily chart. A good idea is to look for a sell trade around 1.4385 price area. As price action is going to drop lower towards 1.3272. But a clear bullish break out in price action above 1.4666 vital resistance area will end down 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 1.4000 price level. Next, price is probably going to rise up more towards 1.4278 price level. However; if price of USD/CAD currency pair breaks below 1.3849 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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