USD/CAD Elliott Wave Forecast - Wednesday, 23 May

 USD/CAD Elliott Wave Forecast in 15 Minutes chart

Bullish trend is present in USD/CAD currency pair, 15 minutes chart. As I have suggested via my Elliott Wave Forecast few hours ago, during my daily Forex Live Trading Room session, the price of USD/CAD currency pair is going to rise up now on a short-term basis to create a Bullish Impulse Elliott wave pattern and Spot Forex traders should consider taking a possible buy trading chance.

So, all those Forex traders who have followed my Elliott Wave Forecast have made the right decision as price has started the bullish impulse wave iii leg. Strong key support level is present at 1.2787 price level which is the termination point of Bullish Impulse wave i leg. In my opinion, price action in USD/CAD currency pair has not completed bullish wave iii Impulse Elliott wave pattern. So, based on Elliott wave forecast, Bullish impulse wave iii leg is going to move price up, towards 1.2900 price area in coming trading hours.

Next, price action is most likely going to prints a short term top as well in coming trading hours after completing bullish impulse wave iii pattern. As the trend is still bullish, Forex traders should consider only long trades and no trade against the current USD/CAD bullish trend as it is always easy to trade in the favour of market trend. Currently, bullish wave iii leg which is part of the Bullish impulse Elliott wave pattern looks half finish. A good idea is to look for a possible buy trading chance to join an up trend around 1.2484 price area.

However; if the price action in USD/CAD spot Forex pair breaks below 1.2787 important support level then Bullish Elliott wave forecast will become in-valid. From this time forward, I may seize the opportunity to stay out of the market and re-assess the USD/CAD currency pair price movement in fifteen minutes chart. 

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USD/CAD Elliott Wave Forecast by

Disclaimer: Forex trading involves significant risk of loss. The high degree of leverage can work against you as well as for you. The possibility exists that you could sustain a loss of some or all ...

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