USD/CAD – 4H – SELLThe pair US Dollar/Canadian Dollar (USD/CAD) moves from the ascending trendline down.
A bearish movement down to the next support at 1.41193 is certain.
Caution: A possible counter-trend in the direction of the resistance level at 1.44669 could occur.
Please make appropriate stop-loss settings in the case of a trade.
Additionally a ‘Three Outside Down’ candlestick pattern is discovered. The chart shows ‘Three Outside Down’. this is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.44669 |
| Current Price | 1.43705 |
| Next Low | 1.41193 |
| 2nd Low | 1.40100 |
| 3rd Low | 1.39802 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Down