USD/CAD – 30M – SELLThe pair US Dollar/Canadian Dollar (USD/CAD) goes from the ascending trendline downwards
A descending movement down to the next support line at 1.40930 is likely expected.
Caution: A possible change in the direction of resistance at 1.41747 should always be considered.
Consider stop-loss settings accordingly.
In addition a ‘Bearish Engulfing’ candlestick pattern is detected. The chart shows ‘Bearish Engulfing’. which is a negative chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.41778 |
| Next High | 1.41747 |
| Current Price | 1.41827 |
| Next Low | 1.40930 |
| 2nd Low | 1.40156 |
| 3rd Low | 1.40100 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing