Based on technical analysis 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 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 1.3146 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 corrective price action is part of a Bearish Impulse Elliott Wave pattern, in higher time frame.
Currently, bullish Impulse Elliott wave pattern wave v looks in-complete. So, a good idea is to look for a possible buy trading chance to join the up trend around 1.3185 price area. However; if the price of USD/CAD currency pair breaks below 1.3146 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 bearish in higher time frame of USD/CAD currency pair.
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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.
To me; price is printing Bearish impulse Elliott wave pattern. Based on Elliott wave analysis, price action is going to move down to complete the Bearish impulse wave 3 leg. So, now market is moving lower on a short term basis to complete the bearish impulse wave 3 leg. The bearish impulse wave 3 leg is not the last and final decline as price is going to drop and rise up few more times. 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 Bearish Impulse pattern diagram shows us a completed Bearish Impulse Wave pattern within the frame work of Elliott wave principle.
The Bearish 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 lower swing highs and lower swing lows. Bearish Impulse Elliott wave pattern in a down trending market could be seen inside the above image. The figure shows what a Bearish Impulse Elliott wave pattern looks like. If a trader knows what a Bearish 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 Bearish Impulse Wave consists of total five waves. Three bearish leg in the favour of a down trend and two bullish corrective Elliott wave patterns, against the down ward 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 Bearish Impulse Wave pattern is a motive Elliott wave pattern which appears at a trending market environment and moves in the favour of larger down ward market trend.
Based on my USD/CAD technical analysis using Elliott Wave in daily chart, we have got an in-complete Bearish impulse wave leg – wave 3 and price action is now rising up first and then drop lower to prints a Bearish Impulse wave 3 leg. However; it is possible if price breaks above blue colour resistance level then forecast will become in-valid. Now, price action is probably going to move sideways and then drop down more to complete bearish impulse wave 3 leg. To me; in four hours chart of USD/CAD currency pair the bearish leg wave iii which is part of a higher degree wave 3 in daily chart is just a bearish leg in a down trend leg as mentioned above as wave iii Bearish leg pattern inside a daily price chart.
Strong key resistance level is present at 1.3793 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 drop. So, in my opinion market is going to remain bearish on a medium term basis, expects a bearish leg in market. Next, market is probably going to resume the down 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 1.3793 resistance area in daily time frame to keep the down trend alive. A clear bullish break out in price action above 1.3793 resistance area will end the down trend and bearish 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 Weekly Forecast the trend is down in daily chart and a good idea is to look for a sell trade around 1.3485 price area, as price is going to drop down towards 1.2161 but a clear bullish break out in price action above 1.3793 vital resistance area will end the down 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 1.3185 price level and price is probably going to rise up more towards 1.3382 price level. However; if the price of USD/CAD currency pair breaks below 1.3146 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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