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USD/CAD Elliott Wave Forecast: Bearish Impulse Wave


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Elliott wave analysis by ReadyForex.com

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

The trend is bearish in USD/CAD currency pair, 15 minutes time frame. As I have suggested 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 an 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 down trend. Next, 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 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.



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About the author


Mr. Muhammad Azeem's website is https://www.readyforex.com, online since year 2006.

  • He has passed Certified Elliott Wave Analyst Level 1 Exam with 93% score.
    He teaches Trading With Elliott Wave online course in a 1 to 1 online classes format. 
  • He is the developer and teacher of an online Price Patterns Trading video course
    which is available for Forex traders and investors
  • On a daily basis, Mr. Azeem runs his own Forex Live Trading Room which covers
    London and NewYork market sessions. You an join today and find out for yourself
    just how social trading can be!

Trading Style and Methodology
Mr. Azeem is a pure technician and he solely employs technical market analysis in trading. He believes that the news is just the catalyst for technical events. In his opinion, prices are so far ahead of any news story as every conceivable fundamental possibility has already been discounted.

About Losing Trades:
I do lose trades, some times. So, losing trades do occur and it is the cost of doing the business over here. If I am in a losing trade then I usually try to close it as soon as possible and I do not marry my trades. Not to mention that I always trade with stop loss along with money management rules. I try to lose less and win more and that is why I keep making money in Forex trading.

About Winning Trades:
Winning trades do occur and I always wait with patience for a valid price pattern to develop on price charts. I usually do not trade with profit target or take profit. I let my profits run! I use different types of exit strategies (trailing stops) to pull maximum pips out of the market.

Mr. Muhammad Azeem
Certified Elliott Wave Analyst

WEB SITE https://www.ReadyForex.com
EMAIL readyforex@readyforex.com
SKYPE muhammad.azeem777
TWITTER https://twitter.com/readyforex

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