USD/CAD – 1H – BUYThe currency pair US Dollar/Canadian Dollar (USD/CAD) jumps from the bullish trendline downwards
A bearish descent down to the next support at 1.42165 will persist.
Caution: A possible trend reversal in the direction of the resistance level at 1.42447 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Matching Low’ chart pattern is found. The candles show ‘Matching Low’. this is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.42447 |
| Current Price | 1.42484 |
| Next Low | 1.42165 |
| 2nd Low | 1.42092 |
| 3rd Low | 1.41309 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Matching Low