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 now on a short-term basis to prints a Bearish Impulse wave c 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 1.2590 price area which is the originating point of Bearish wave a leg. In my judgment, price action in USD/CAD currency pair is now falling down to prints a Bearish Impulse wave c leg. So, market is going to drop more now to complete the Bearish Zig Zag Elliott wave pattern which looks in-complete. Based on Elliott wave analysis, the current bearish price action is the Bearish Zig Zag leg which is part of a higher degree bearish Zig Zag corrective wave C Elliott wave pattern.
Currently, Bearish wave c 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 1.2521 price area. However; if the price of USD/CAD currency pair breaks above 1.2590 vital resistance 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.
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Now, at this point; I must acknowledge that the trend is actually bullish in higher time frame of USD/CAD currency pair.
Below is the 4 hours chart of USD/CAD currency pair with my Elliott wave analysis which shows us a big picture and a well started bullish trend as well.
To me; price is trying to complete the Bullish Contracting Triangle Elliott wave pattern. Now, market is falling down to complete the bearish corrective wave c leg. The bearish wave c leg is not the last and final decline as price is going to rise up and down several more time. Within the Bullish Contracting Triangle Elliott pattern, all five sub-waves must sub-divides into 3, 3, 3, 3 and 3 waves structure pattern.
The following Elliott Wave Bullish Contracting Triangle pattern diagram shows us a completed Bullish Contracting Triangle corrective wave 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 Bullish Contracting Triangle Elliott pattern. Now, price is probably going to first drop more and then rise up to complete the bullish wave d leg. To me; in fifteen minutes chart of USD/CAD currency pair the bearish leg in price action is just a pull back in an up trend as mentioned above as a Bearish Zig Zag Elliott wave pattern in a 15 minutes price chart.
Strong key support level is present at 1.2432 in USD/CAD four hours chart. So, I expect market to drop first and then rise up to complete the Bullish Contracting Triangle pattern. So, in my opinion market is going to remain sideways and then resumes an up trend in USD/CAD currency pair, in 4 hours chart. However; price should stays above 1.2432 support area in 4 hours time frame to keep the up trend alive. A clear bearish break down in price action below 1.2432 support area will end an 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.
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 1.2445 price area, as price is going to rise up towards 1.2605 but a clear bearish break down in price action below 1.2432 vital support area will end an 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 1.2521 price level and price is probably going to drop towards 1.2445 price level. However; if the price of USD/CAD currency pair breaks above 1.2590 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.
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