The bullish trend is present in USD/CAD currency pair, 15 minutes time frame based on USD/CAD Elliott Wave Forecast. As I have forecasted few hours ago, the price of USD/CAD pair is going to rise up now on a short-term basis to prints a Bullish Zig Zag Elliott wave pattern and traders should look for a buy trade. So, all those Forex traders who have followed my analysis have made the right decision as price has ascended.
Strong key support level is present at 1.2061 price area which is the originating point of bullish wave A leg. In my judgment, price action in USD/CAD currency pair is now rising up to print a Bullish Zig Zag Wave C leg. So, market is going to remain sideways to complete the corrective Elliott wave pattern which looks in-complete. Based on Elliott wave analysis, the current bullish price action is the Bullish Zig Zag pattern which is part of a higher degree Bearish Contracting Triangle pattern wave 4 correction.
Currently, Bullish Zig Zag Elliott wave pattern looks in-complete. So, a good idea is to look for a possible buy trading chance to join an up trend around 1.2118 price area. However; if the price of USD/CAD currency pair breaks below 1.2061 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 fifteen minutes 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 actually bearish in higher time frame of USD/CAD currency pair.
Below is the 4 hours chart of USD/CAD pair with my Elliott wave analysis which shows us a big picture and a well started bearish trend as well.
? ***Want to earn money with Bitcoin and other Cryptocurrencies without the pain and hassle of learning to trade from scratch? Imagine if you could trade and get regular results with profitable performance! Are you tired of the forex and crypto scams, false promises and games out there designed to separate you from your hard-earned funds? If any of that rings true with you, then STOP EVERYTHING. ProfitFarmers is for you! With their software working as your Crypto Co-Pilot, YOU remain as the Pilot with total control over your money, 100% of the time. ProfitFarmers is a trading tool that combines artificial intelligence with the expertise of veteran traders to deliver high-probability trade plans right into your hands. There’s no need to spend hours trying to figure out what to trade! Thanks to their integration with Binance, the biggest cryptocurrency exchange worldwide, ProfitFarmers executes your trades from entry to exit, you just choose the trade signals you like, pick your entry price and then let your Co-pilot take over the rest of the journey. Stay informed about every step of your money-making journey through push-notifications on their mobile app. Now there’s no need to constantly worry about your ongoing trades, just let your Co-Pilot handle it for you! This could easily be the holy grail of trading tools. Forget paying a guru to trade for you and take a massive cut of what you earn. With ProfitFarmers there are absolutely NO COMMISSIONS OR FEES ON YOUR TRADES. 100% of what you earn is 100% yours to keep. Period. Last quarter, ProfitFarmers produced 1,357 trade plans, and more than 60% of them offered peak gains of over +8%. By joining ProfitFarmers, you’ll never be short on money-making opportunities. Still wondering if this is too good to be true? ProfitFarmers has a 100% Money-Back Guarantee if they don’t deliver profitable opportunities onto their platform. If you are ready to upgrade your trading game and instantly expose yourself to profitable trade opportunities, now is the time. Head to ProfitFarmers now to start trading the easier way, with your very own Crypto Co-Pilot.PS: ProfitFarmers is a Trading Tool. Your money ALWAYS remains in your Binance wallet, never on ProfitFarmers. 100% Verified and Recommended by Valforex.com.
To me; price is trying to complete the Bearish Impulse Elliott wave pattern. Now, market is moving sideways to complete the Contracting Triangle Elliott wave leg. The bearish wave 3 leg is not the last and final decline as price is going to complete the Bearish Contracting triangle pattern and decline more. Within the Bearish Contracting Triangle pattern, all sub-waves must sub-divides into an impulse 3, 3, 3, 3 and 5 waves Zig Zag pattern.
The following Elliott Wave Triangle pattern diagram shows us a completed Bearish Contracting Triangle leg within the frame work of Elliott wave principle.
Based on my USD/CAD Elliott Wave Forecast in 4 hours chart, we have got an in-complete Bearish Contracting Triangle pattern. Now, price is probably going to move sideways and then falls more lower to complete the bearish impulse wave 5 leg. To me; in fifteen minutes chart of USD/CAD currency pair the bullish leg wave C in price action is just a pull back in a down trend as mentioned above as a Bullish Zig Zag leg inside a 15 minutes price chart.
Strong key resistance level is present at 1.2440 in USD/CAD four hours chart. So, I expect market to falls down more now to complete the bearish wave 5 leg. So, in my opinion market is going to remain sideways and then resume the down trend in USD/CAD currency pair, in 4 hours chart.
However; price should stays below 1.2440 resistance area in 4 hours time frame to keep the down trend alive. A clear bullish break out in price action above 1.2440 resistance area will end the down trend and in such a market scenario, it would be best not to trade the market and re-analyze USD/CAD 4 hours chart.
Based on USD/CAD Elliott Wave Forecast the trend is down in 4 hours chart and a good idea is to look for a sell trade around 1.2150 price area, as price is going to drop more towards 1.2045 but a clear bullish break out in price action above 1.2440 vital resistance area will end the down trend. On a short term basis, it is a bullish trend in USD/CAD 15 minutes time frame and a good idea is to take a buy trade around 1.2118 price level and price is probably going to rise up towards 1.2160 price level. However; if the price of USD/CAD currency pair breaks above 1.2061 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.
Help Us Fight Scams. Please Donate to Support Our Work. No Amount is too Little or too Big. Thank You..
February 8, 2019 By Ghazanfar
The phrase ‘Necessity is the mother of invention’ seems true for Iran. This is because Iran has unveiled its own...
February 8, 2019 By Ghazanfar
In spite of long bear market, Bitcoin transactions per day are increasing. Today the level of these transactions has touched...
February 4, 2019 By Ghazanfar
Although bear market in crypto world is extending, yet many fiat currencies are facing the threat of destabilization. This is...
February 4, 2019 By Ghazanfar
In spite of mix signals from the cryptocurrency world about the future of cryptocurrencies, many countries are planning to test...
February 3, 2019 By Ghazanfar
The idea of Bitcoin adoption as an international currency is not at all new. Over the years, many financial experts...
February 2, 2019 By Ghazanfar
Bitcoin’s entry into the longest ever bear market in history is one of the most burning issues of today. The...
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.