USD/CAD Elliott Wave Analysis in 15 Minutes chart
Bearish trend is present in USD/CAD currency pair, 15 minutes chart. As I have suggested via my Elliott Wave Analysis few hours ago, the price of USD/CAD currency pair is going to drop now on a short-term basis to create a Bearish Impulse Wave (i) Elliott wave pattern and Spot Forex traders should consider taking a possible sell trading chance.
So, all those Forex traders who have followed my Elliott Wave Analysis have made the right decision as price has started the Bearish Impulse wave leg. Strong key resistance level is present at 1.2853 price level which is the originating point of Bearish wave (i) leg. In my opinion, price action in USD/CAD currency pair is in the process to complete the Bearish Impulse (iii) Elliott wave pattern. So, I expect the market to first move up and then resume the down trend and falls towards 1.2740 price area in coming trading hours.
Next, price action is most likely going to prints a short term bottom as well in coming trading hours after completing Bearish Impulse wave (iii) pattern. As the trend is still Bearish, Forex traders should consider only short trades and no trade against the current USD/CAD Bearish trend as it is always easy to trade in the favour of market trend.
Currently, bearish wave (iii) Impulse Elliott wave pattern looks half finish. A good idea is to wait for the market to first rise up more and then look for a possible sell trading chance to join the down trend.
However; if the price action in USD/CAD spot Forex pair breaks above 1.2853 important resistance level then Bearish Elliott wave analysis 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. Spot Forex traders who are interested to learn Price Patterns click here.