USD/CAD – 30M – BUYThe pair US Dollar/Canadian Dollar (USD/CAD) goes from the ascending trendline down.
A bearish descent downwards to the next support line at 1.43486 is considered certain.
Caution: A possible counter-trend in the direction of the resistance zone at 1.43965 could happen.
Consider stop-loss settings accordingly.
Also there is a ‘Three Outside Up’ chart pattern is detected. The candles form ‘Three Outside Up’. which is a positive chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.44669 |
| 2nd High | 1.44352 |
| Next High | 1.43965 |
| Current Price | 1.43883 |
| Next Low | 1.43486 |
| 2nd Low | 1.43349 |
| 3rd Low | 1.43043 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Up