Based on technical analysis the bearish 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 drop now to prints a Bullish impulse Elliott wave pattern and traders should look for a sell trade. So, all those Forex traders who have followed my Elliott wave analysis have made the right decision as price has descended.
Strong key resistance level is present at 1.3466 price area. In my judgment, price action in USD/CAD currency pair is now going to drop more. So, market is going to remain bearish on a medium term basis. Based on Elliott wave forecast, the current Bearish impulse wave price action is part of a Bearish Elliott wave pattern, in higher time frame.
Currently, bearish Impulse Elliott wave pattern wave iii looks in-complete. So, a good idea is to look for a possible sell trading chance to join the down trend around 1.3388 price area. However; if the price of USD/CAD currency pair breaks above 1.3466 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 four hours chart.
If you are a trader who prefer to use robots and EAs to automate your trades and make them very profitable for you or require very good forex/stock training resources, please check this page.
Now, at this point; I must acknowledge that the trend is also bearish 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 bearish trend as well.
👉 Are you looking for a Forex Robot that offers realistic returns even when the markets are volatile or down? Golden Pickaxe is the BEST Forex robot using low risk and EARNING a whopping 47.93% monthly profit margin. You get a robot offering the best in terms of safety and guaranteed profits no matter the risks. A gold-driven EA robot, the robot was created and developed over ten years. It has the pedigree to offer gold traders a profitable all-year-long profit regardless of market conditions. We have tested the platform, and it has seen remarkable profit margins for the past 15 months. The well-known trader developer (Valeriia), put the robot out there for any trader to confirm its realistic profitability. And the robot was tested and seen to be even better than what we thought was the best, Waka Waka. Golden Pickaxe is now one of the best-proven forex robots that offer profitable outcomes, and all data are third-party verified independently via Myfxbook. The balance volume for Golden Pickaxe is there for anyone to see. And that means you get a transparent Forex robot guaranteeing results. Even when facing drawbacks of 37.47%, the robot balances the profits. With an automated trading robot, you can receive near-perfect signals for trading gold. And that’s what every trader needs when investing in Gold. So what are you waiting for? We have tested the robot and Guarantee it’s a perfect match for you. Start earning realistic profit margins from forex trading with a LOW-RISK thanks to Golden Pickaxe. We have been using it even when the gold market was risky. Thanks to this automated forex robot, you can earn 47.93% ROI or more per month consistently. Complete beginners to Forex can start and immediately start earning a stable and reliable income with it. What's more? You don’t even have to deposit funds with your broker when using the Golden Pickaxe robot. Just register with a Broker such as IC Markets or Coinexx (for US-based traders); there’s no need to deposit your real funds with them. Instead, use the Golden Pickaxe robot to pass a funded account challenge on FTMO. No worries, it’s very easy to pass once you install the EA. Once you pass the challenge, FTMO funds your account with real live funds depending on the challenge you passed, then you can simply carry on trading with the EA on the live account and request payouts monthly whenever you want to withdraw your profits. All challenges and trading are done automatically by the Golden Pickaxe robot, so you don't have to worry. Or... if you don't like the idea of a trading challenge/evaluation, you can simply buy a cheap funded account with prop firms we recommend like FundYourFx, get instant funding of a real account, then start using the robot to trade, profit and make weekly withdrawals, very easy. If you have any questions or want help with the setup, head over to our live chat and ask for Corey Woods. Corey will help you with any issues, problems, or initial setup along the way. Here’s your chance to start trading Gold and earn with an AUTHENTIC, PROVEN, AND SAFE Forex Robot. Sign up today for a chance to get a reliable side income with GOLDEN PICKAXE. Click the button below to buy the EA, then contact me on live chat if you need any help setting up the whole thing.
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 1.3664 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 1.3664 resistance area in daily time frame to keep the down trend alive. A clear bullish break out in price action above 1.3664 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 1.3296 price area, as price is going to drop down towards 1.2822 but a clear bullish break out in price action above 1.3664 vital resistance area will end the down trend. On a medium term basis, it is a bearish trend in USD/CAD 4 hours time frame and a good idea is to take a sell trade around 1.3388 price level and price is probably going to drop more towards 1.3200 price level. However; if the price of USD/CAD currency pair breaks above 1.3466 vital resistance level then bearish trend and bearish 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.
Valforex.com will not be liable for any damages incurred due to the usage of any information displayed on this website. The information and trading guides found on the website constitute the authors’ opinion only. Trading Forex, Binary options and Cryptocurrencies involve high-risk and are not suitable for all investors. Online trading in general, may not be legal in your jurisdiction. It’s visitors’ responsibility to make sure these entities are legal in their jurisdiction before engaging in trading activity. All trademarks, images and logos that appear on this site are copyrights of their respective owners and have been used under the Act of Fair Use.