USD/CAD – 4H – SELLThe currency pair US Dollar/Canadian Dollar (USD/CAD) jumps from the ascending trendline down.
A bearish movement down to the next support at 1.41193 will persist.
Caution: A possible change in the direction of the resistance line at could be enabled.
In the case of a trade, always set appropriate stop-loss settings.
There is also a ‘Bearish Engulfing’ candlestick chart pattern is detected. The candles show ‘Bearish Engulfing’. which is a negative pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | |
| Current Price | 1.43157 |
| Next Low | 1.41193 |
| 2nd Low | 1.40100 |
| 3rd Low | 1.39802 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing