USD/CAD – 4H – BUYThe currency pair US Dollar/Canadian Dollar (USD/CAD) moves from the bullish trendline down.
A descending movement down to the next support at 1.41193 will persist.
Caution: A possible counter-trend in the direction of the resistance line at should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘Bullish Engulfing’ chart pattern is discovered. The candles form ‘Bullish Engulfing’. which is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | |
| Current Price | 1.42396 |
| Next Low | 1.41193 |
| 2nd Low | 1.40100 |
| 3rd Low | 1.39802 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bullish Engulfing