Menu

USD/CAD Elliott Wave Forecast 16th August, 2017

USD/CAD Elliott Wave Forecast 16th August, 2017

Share This!

USD/CAD Elliott Wave Forecast

USD/CAD Elliott Wave Forecast in 15 Minutes chart

The bearish 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 drop up now on a short-term basis to prints a Bearish Double Zig Zag Elliott wave pattern and traders should look for a sell trade. So, all those Forex traders who have followed my analysis have made the right decision as price has descended.

Strong key resistance level is present at 1.2769 price area which is the termination point of bullish wave b leg. In my judgment, price action in USD/CAD currency pair is now going to rise up to print bullish (X) wave leg. So, overall market is going to remain bearish to complete the bearish Double Zig Zag Elliott wave pattern which looks in-complete. Based on Elliott wave analysis, the current bearish price action is the Bearish Zig Zag wave (W) which is part of a higher degree bearish wave c leg.

Currently, Bearish Double Zig Zag Elliott wave pattern looks in-complete. So, a good idea is to look for a possible sell trading chance to join the down trend around 1.2745 price area. However; if the price of USD/CAD currency pair breaks above 1.2769 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 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 bullish in higher time frame of USD/CAD currency pair.

USD/CAD Elliott Wave Forecast in 4 Hours chart

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 bullish trend as well.

Want to make money automatically with Forex, Bitcoin and other Cryptocurrencies, Commodities etc without the risk of trading yourself? Are you ready for self-custody of your investment funds? Do you like the sound of regular consistent results and profitable performance? Tired of the forex and crypto scams, false promises and games out there designed to separate you from your hard earned funds? Stop everything! WorldMarkets is for you! With the WorldMarkets AI Managed Account Services, only YOU are in control of your investment funds. WorldMarkets is a trading platform that uses artificial intelligence to handpick highly profitable and low-risk trades for its users. It also goes ahead to trade for you based on analyzed data. And yea, you guessed right, “it almost never loses”. This is indeed the holy grail of trading. It is much more reliable and profitable than paying gurus to trade for you, mulling over candle sticks or playing the luck game. Using this system, investors and traders have recorded over 30% Returns on Investment in less than a month. And with a 100% compound return, you simply cannot lose with WorldMarkets. All you have to do is sit back, manage your funds and let the AI trade for you. Are you ready to start making aggressive profits regardless of the market’s direction? If you are ready to leave the trading to the professionals and upgrade your monthly income, now is the time, head to WorldMarkets now and choose a plan to start trading. PS: WorldMarkets is a Profitable Forex/Crypto AI Managed Trading Service. 100% Verified and Recommended by Valforex.com.

worldmarkets

USD/CAD Elliott Wave Forecast

To me; price is trying to complete the Bullish Running Triangle Elliott wave Pattern. Now, market is falling down to complete the bearish wave c leg. The bearish wave c leg is not the last and final decline as price is going to complete the sideways triangle pattern. Within the Bullish Running Triangle Pattern, all sub-waves a, b, c, d and e must sub-divides into single or double Zig Zag corrective wave pattern.

The following Elliott Wave Bullish corrective Triangle pattern diagram shows us a completed Bullish Running Triangle within the frame work of Elliott wave principle.

Bullish Running Triangle

Based on my USD/CAD Elliott Wave Forecast in 4 hours chart, we have got an in-complete Bullish Running Triangle. Now, price is probably going to falls more lower to complete the bearish wave c leg. To me; in fifteen minutes chart of USD/CAD currency pair the bullish leg wave (X) in price action is just a pull back in a down trend as mentioned above as a part of a Bearish Double Zig Zag leg inside 15 minutes price chart.

Strong key support level is present at 1.2652 in USD/CAD four hours chart. So, I expect market to falls down more now to complete the bearish wave c. Next, expects a short term bottom in market as well. So, in my opinion market is going to remains bearish to sideways and keep trending lower in USD/CAD currency pair, in 4 hours chart.

However; price should stays above 1.2652 support area in 4 hours time frame to keep the up trend alive. A clear bearish break down in price action below 1.2652 support area will end the up trend and in such a market scenario, it would be best not to trade the market and re-analyze USD/CAD 4 hours chart.

Summary

Based on USD/CAD Elliott Wave Forecast the trend is up in 4 hours chart and a good idea is to look for a buy trade around 1.2665 price area, as price is going to rise up towards 1.2765 but a clear bearish break down in price action below 1.2652 vital support area will end the up trend. On a short term basis, it is a bearish trend in USD/CAD 15 minutes time frame and a good idea is to take a sell trade around 1.2745 price level and price is probably going to drop towards 1.2685 price level. However; if the price of USD/CAD currency pair breaks above 1.2769 vital resistance level then bearish 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.

If You'd Like to Get Notified When This Site is Updated, Subscribe Below...

Leave a Reply

Your email address will not be published. Required fields are marked *

IQ Mining

Binary Option Scams, Warnings, Reviews & Updates...

Binbotpro

Popular Articles

Follow Us

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… Read More

Show Buttons
Hide Buttons