USD/CAD – 1H – BUYThe currency pair US Dollar/Canadian Dollar (USD/CAD) moves from the ascending trendline down.
A bearish descent downwards to the next support level at 1.43349 is considered certain.
Caution: A possible trend reversal in the direction of the resistance line at 1.44352 could occur.
Please make appropriate stop-loss settings in the case of a trade.
Furthermore a ‘Bullish Engulfing’ candlestick chart pattern is discovered. The chart shows ‘Bullish Engulfing’. this is a bullish pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.44669 |
| Next High | 1.44352 |
| Current Price | 1.43578 |
| Next Low | 1.43349 |
| 2nd Low | 1.43043 |
| 3rd Low | 1.42165 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bullish Engulfing