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

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 to print a i, ii, iii, iv and v bearish Impulse Elliott wave leg 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 1.3581 price level.

In my judgment, price action in USD/CAD currency pair is now going to move sideways to print a corrective Elliott Wave iv leg. Wave iv is most likely going to be a Triangle or Flat corrective pattern. The current market action offers us a possible sell trading setup to join the downtrend in the next coming trading hours.

Currently; wave iv price action in USD/CAD currency pair looks in-complete. So, a good idea is to first wait for a bullish wave iv pattern to complete. Next, look for a possible sell trading chance to join the downtrend. However; if the price of USD/CAD currency pair breaks above 1.3581 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.