USD/CAD – 1H – BUYThe pair US Dollar/Canadian Dollar (USD/CAD) moves from the ascending trendline downwards
A descent downwards to the next support level at 1.42165 is expected.
Caution: A possible reversal of the trend in the direction of resistance at 1.42447 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Bearish Meeting Lines’ candle pattern is discovered. The chart shows ‘Bearish Meeting Lines’. this is a bearish 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 Meeting Lines’ heading down is 51% (Bull Market) & 53% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.42447 |
| Current Price | 1.42405 |
| Next Low | 1.42165 |
| 2nd Low | 1.42092 |
| 3rd Low | 1.41309 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Meeting Lines