Trend is bullish in USD/CAD Currency Pair, four hour time frame. As I have suggested past week during my daily Live Trading Room session, market is rising up on a short term basis to print bearish corrective leg – Wave X and traders should look for a buy trade. So, all those Forex traders who have followed the analysis have made the right decision as the price has moved up. Strong key support level is present at 1.2460 price level.
Be sure to check out daily Forex market updates via Live Trading Room. In my judgement, price action in USD/CAD is printing a possible bullish Double Zig Zag Elliott wave pattern and market is most likely going to rise more towards 1.3250 price level, in coming trading days.
Currently; Double Zig Zag pattern looks in-complete and price action offers a possible buy trade setup at Wave X location to join an up trend to ride bullish Wave Y. However; if price of USD/CAD currency pair breaks below 1.2460 critical support area then I might like to stay out of the market and re-examine the 4 hour chart of USD/CAD currency pair.
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