USD/CAD Elliott Wave Analysis in 15 Minutes chart
Bullish trend is present in USD/CAD currency pair, 15 minutes chart. As I have suggested few hours ago, during my daily Forex Live Trading Room session, the price of USD/CAD currency pair is going to rise up now on a short-term basis to create a Bullish Impulse Elliott wave pattern and Spot Forex traders should consider taking a possible buy trading chance.
So, all those Forex traders who have followed my Elliott Wave Analysis have made the right decision as price has started the bullish leg. Strong key support level is present at 1.2217 price level which is the ending point of Bullish impulse wave 1 leg. In my opinion, price action in USD/CAD currency pair has not completed bullish wave 5 impulse Elliott wave pattern. So, based on Elliott wave analysis, Bullish Impulse wave 5 leg is now in progress and I expect the market to first move sideways and then resume an up trend to rise towards 1.2345 price area in coming trading hours.
Next, price action is most likely going to prints a short term top as well in coming trading hours after completing bullish Impulse wave 5 pattern. As the trend is still bullish, Forex traders should consider only long trades and no trade against the current USD/CAD bullish trend as it is always easy to trade in the favour of market trend. Currently, bullish wave 5 leg which is part of the Bullish Impulse Elliott wave pattern looks half finish. A good idea is to look for a possible buy trading chance to join an up trend.
However; if the price action in USD/CAD spot Forex pair breaks below 1.2217 important support level then Bullish 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.