USD/CAD Elliott Wave Forecast 22th May 2018

USD/CAD Elliott Wave Forecast by ReadyForex.com

USD/CAD Elliott Wave Forecast in 15 Minutes chart

Bearish 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 drop now on a short-term basis to create a Bullish Impulse 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 forecast have made the right decision as price has started the decline - bearish impulse wave (iii) leg. Strong key resistance level is present at 1.2853 price level. In my opinion, price action in USD/CAD currency pair has completed the bullish wave ii Zig Zag corrective pattern and now expect a bearish impulse wave (iii) Elliott wave pattern. So, based on Elliott wave forecast, bearish wave (iii) leg is going to move price action down, towards 1.2750 price area in coming trading hours to complete bearish impulse wave (iii) leg.

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 impulse wave (iii) leg looks half finish. A good idea is to look for a possible sell trading chance to join the down trend around 1.2765 price area.

However; if the price action in USD/CAD Spot Forex pair breaks above 1.2853 important resistance level then Bearish 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. Forex traders who are interested to learn Trading with Elliott wave click here.