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USD/CAD Elliott Wave Forecast 28th September, 2017

USD/CAD Elliott Wave Forecast 28th September, 2017

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USD/CAD Elliott Wave Forecast

USD/CAD Elliott Wave Forecast in 15 Minutes chart

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 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 1.2335 price area which is the termination point of Bearish wave B Running Flat corrective pattern. In my judgment, price action in USD/CAD currency pair is going to rise up more to complete the Bullish Zig Zag leg and then prints a top as well. So, market is going to rise up more now to complete the Bullish Zig Zag Elliott wave pattern which looks in-complete. Based on Elliott wave analysis, the current bullish price action is the Bullish Zig Zag leg which is part of a higher degree Bullish Triple Zig Zag – wave Y Elliott wave pattern.

Currently, Bullish Zig Zag pattern looks in-complete. So, a good idea is to look for a possible buy trading chance to join an up trend around 1.2482 price area. However; if the price of USD/CAD currency pair breaks below 1.2335 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.

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Now, at this point; I must acknowledge that the trend is also bullish in higher time frame of USD/CAD currency pair.

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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.

USD/CAD Elliott Wave Forecast

To me; price is trying to complete the Bullish Triple Zig Zag Elliott wave pattern. Now, I expect price to rise up and print bullish wave Y leg. The bullish wave Y is the last and final rise to complete the Bullish Triple Zig Zag pattern. Within the Bullish Triple Zig Zag Elliott pattern, all sub-waves must sub-divides into 3, 3, 3, 3 and 3 waves structure pattern.

The following Elliott Wave Bullish Triple Zig Zag pattern diagram shows us a completed Bullish Triple Zig Zag leg within the frame work of Elliott wave principle.

Bullish Triple Zig Zag

Based on my USD/CAD Elliott Wave Forecast in 4 hours chart, we have got an in-complete Bullish Triple Zig Zag Elliott wave pattern. Now, price is probably going to rise up to complete the bullish wave Y 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 Running Flat wave B corrective pattern in a 15 minutes price chart.

Strong key support level is present at 1.2330 in USD/CAD four hours chart. So, I expect market to rise up more now to complete the Bullish Triple Zig Zag – wave Y leg. So, in my opinion market is going to remain sideways a little bit and then resumes an up trend in USD/CAD currency pair, in 4 hours chart. However; price should stays above 1.2330 support area in 4 hours time frame to keep the up trend alive. A clear bearish break down in price action below 1.2330 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.

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 1.2484 price area, as price is going to rise up towards 1.2585 but a clear bearish break down in price action below 1.2330 vital support area will end an up 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 1.2482 price level and price is probably going to rise towards 1.2530 price level. However; if the price of USD/CAD currency pair breaks below 1.2335 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.

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