USD/CAD Elliott Wave Forecast: Bearish Impulse Wave

*** USD/CAD – SHORT TERM ELLIOTT WAVE ANALYSIS ***

The trend is bearish in USD/CAD currency pair, 15 minutes time frame. As I have suggested a few hours ago during my daily Live Trading Room session, the price of USD/CAD pair is going to drop now on a short-term basis to print a Bearish Impulse Elliott wave (iii) pattern and traders should look for a sell trade. So, all those Forex traders who have followed my Elliott wave analysis have made the right decision as the price has descended. Strong key resistance level is present at 1.3147 price level.

In my judgment, the price action in USD/CAD currency pair is now going to rise up to print a bullish Wave (iv) Zig Zag pattern. To me; bullish Wave (iv) is just a pull back in a downtrend. Next, the market is going to print a bearish Wave (v) leg. Based on Elliott Wave analysis, the bullish Zig Zag is going to complete a corrective wave (iv) Elliott wave pattern as well.

Currently, bullish Wave (iv) leg looks in-complete. So, a good idea is first to wait for the price action to complete the bullish corrective wave leg. Next, look for a possible sell trading chance to join the downtrend to ride the bearish Wave (v) leg. However; if the price of USD/CAD currency pair breaks above 1.3147 important resistance level then bearish Elliott Wave forecast will become invalid. In such a market scenario, it would be best not to trade the Forex market and re-analyze the USD/CAD fifteen minutes chart.