USD/CAD – 4H – SELLThe combination US Dollar/Canadian Dollar (USD/CAD) moves from the ascending trendline downwards
The bearish trend downwards to the next support at 1.41193 is certain.
Caution: A possible trend reversal in the direction of the resistance line at 1.44669 could occur.
Consider stop-loss settings accordingly.
And also a ‘Bearish Engulfing’ 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 probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.44669 |
| Current Price | 1.43528 |
| Next Low | 1.41193 |
| 2nd Low | 1.40100 |
| 3rd Low | 1.39802 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing