Based on technical analysis the bullish trend is present in USD/CAD currency pair, 4 hours time frame based on USD/CAD Elliott Wave Long Term Forecast. As I have forecasted few hours ago, the price of USD/CAD pair is going to rise up now to prints a Bullish Impulse Elliott wave pattern and traders should look for a buy trade. So, all those Forex traders who have followed my Elliott wave analysis have made the right decision as price has ascended.
Strong key support level is present at 1.3444 price area. In my judgment, price action in USD/CAD currency pair is now going to rise up more. So, market is going to remain bullish on a medium term basis. Based on Elliott wave forecast, the current Bullish trend is part of a Bullish Double Zig Zag corrective Elliott Wave pattern, in higher time frame.
Currently, bullish impulse Elliott wave pattern wave iii looks in-complete. So, a good idea is to look for a possible buy trading chance to join an up trend around 1.3604 price area. However; if the price of USD/CAD currency pair breaks below 1.3444 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 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 double Zig Zag Elliott wave corrective pattern. Based on Elliott wave analysis, price action is going to move up to complete the Bullish impulse wave c leg. So, now market is moving up on a short term basis to complete the bearish impulse wave c leg. The bullish impulse wave c leg is the last and final decline as price is going to prints a long term top after that. Within the Bearish 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 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 leg 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 and 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 which appears at a trending market environment and moves in the favour of larger upward market trend.
Based on my USD/CAD technical analysis using Elliott Wave in daily chart, we have got a in-complete Bullish Double Zig Zag corrective wave leg – wave W, X and Y and price action is now rising up to print bullish wave c leg. However; it is possible if price breaks below green colour support level then forecast will become in-valid. Now, price action is probably going to move sideways and then rise up more to complete bullish impulse wave c leg. To me; in four hours chart of USD/CAD currency pair the bearish leg wave ii which is part of a higher degree wave c in daily chart is just a bearish pull back in an up trend leg as mentioned above as wave Y Bullish Double Zig Zag corrective wave pattern inside a daily price chart.
Strong key support level is present at 1.2526 price area in USD/CAD daily chart. So, I expect market to first move sideways for next coming trading days and then may be starts the rise. So, in my opinion market is going to remain bullish on a medium term basis, expects a bullish leg in market. Next, market is probably going to resume the up trend after that in USD/CAD currency pair, in daily chart.
Now, when an existing Bullish Elliott Wave Long Term Forecast in USD/CAD is going to fail?
Well, the forecast is good for about next two weeks time and price should stays above 1.2526 support area in daily time frame to keep the up trend alive. A clear bearish break down in price action below 1.2526 support area will end the up trend and bullish Elliott Wave Long Term analysis; 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 Long Term Forecast the trend is up in daily chart and a good idea is to look for a buy trade around 1.3650 price area, as price is going to rise up towards 1.3850 but a clear bearish break down in price action below 1.2526 vital support area will end the up trend. On a medium term basis, it is a bullish trend in USD/CAD 4 hours time frame and a good idea is to take a buy trade around 1.3604 price level and price is probably going to rise up more towards 1.3670 price level. However; if the price of USD/CAD currency pair breaks below 1.3444 vital support level then bullish trend and bullish analysis 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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