USD/CAD – 30M – SELLThe combination US Dollar/Canadian Dollar (USD/CAD) moves from the bullish trendline down.
A descending movement down to the next support at 1.43486 is considered certain.
Caution: A possible trend reversal in the direction of the resistance line at 1.44199 is also possible.
Consider stop-loss settings accordingly.
Moreover a ‘Bearish Engulfing’ chart pattern is existing. The chart forms ‘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 likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.44352 |
| 2nd High | 1.44329 |
| Next High | 1.44199 |
| Current Price | 1.43603 |
| Next Low | 1.43486 |
| 2nd Low | 1.43349 |
| 3rd Low | 1.43043 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing