E USD/CAD Elliott Wave Analysis: Bearish Flat Or Triangle

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

usd/cad

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 market is falling down on a short term basis after completing a bullish wave (ii) corrective Elliott wave pattern and traders should look for a short trade. Strong key resistance level is present at 1.3665 price level.

In my judgment, price action in USD/CAD currency pair is now going to move sideways. I expect a bearish Flat or Triangle Elliott wave pattern at wave (iv) location, in the coming trading hours.

Currently; price action is in the process to complete the wave (iv) correction as the pattern looks in-complete. So, wait for the market to first complete the sideways pull back at wave (iv). Next, look for a possible sell trading chance to join the down trend. However; if the price of USD/CAD currency pair breaks above 1.3665 critical resistance level then I might like to stay out of the market and re-examine the fifteen minutes chart of USD/CAD currency pair.

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 of your ...

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