The bearish trend is present in USD/CAD currency pair, 15 minutes time frame based on USD/CAD Forecast today. 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 Contracting Triangle 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 1.2466 price area which is the termination point of bullish wave a leg. In my judgment, price action in USD/CAD currency pair is now moving sideways to down to print a Bearish Contracting Triangle pattern. So, after that market is going to resume the down trend to prints bearish wave v leg. Based on Elliott wave analysis, the current bearish wave v which is part of a larger Wave 5 Impulse leg.
Currently, Bearish Contracting Triangle pattern at wave iv looks in-complete. So, a good idea is to first wait out side of the market and allow price action of USD/CAD to print the remaining triangle legs. Next, look for a possible sell trading chance to join the down trend around 1.2415 price area.
However; if the price of USD/CAD currency pair breaks above 1.2466 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.
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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 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.
To me; price is trying to complete the Bearish Impulse Elliott wave Pattern. Now, market is falling down to complete the Bearish Impulse wave 5 leg. The bearish wave 5 which is the last and final leg as well is going to complete the bearish Impulse Elliott Wave pattern. Within the Bearish Impulse Elliott wave pattern – all sub-waves must sub-divides into 1, 2, 3, 4 and 5 impulse wave pattern.
The following Elliott Wave Bearish Impulse diagram shows us a completed Bearish Impulse Wave pattern within the frame work of Elliott wave principle.
Based on my USD/CAD Forecast today in 4 hours chart, we have got an in-complete Bearish Impulse wave 5 pattern. Now, price is probably going to drop more to complete the Bearish wave 5 leg. To me; in fifteen minutes chart of USD/CAD currency pair the bullish leg in price action is just a pull back in a down trend as mentioned above as a bearish wave iv corrective triangle pattern.
Strong key resistance level is present at 1.2543 in USD/CAD four hours chart. So, I expect market to falls down more now to complete the bearish wave 5 leg which is going to complete Bearish Impulse Wave pattern. 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 1.2543 resistance area in 4 hours time frame to keep the down trend alive. A clear bullish break out in price action above 1.2543 resistance area will end 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 Forecast today the trend is down in 4 hours chart and a good idea is to look for a sell trade around 1.2441 price area, as price is going to drop more towards 1.2395 but a clear bullish break out in price action above 1.2543 vital resistance area will end the down trend. On a short term basis, it is again a bearish trend in USD/CAD 15 minutes time frame and a good idea is to take a sell trade around 1.2415 price level and price is probably going to drop towards 1.2400 price level. However; if the price of USD/CAD currency pair breaks above 1.2466 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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