USD/CAD – 1H – BUYThe currency pair US Dollar/Canadian Dollar (USD/CAD) breaks through the descending trendline up.
An ascending movement upwards to the next resistance line at 1.44202 will persist.
Caution: A possible reversal of the trend in the direction of the support level at 1.43462 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend broke the Fibonacci 0.5-Level.Continuation of the current ascending trend will persist. Target of the current trend is 1.44137358 at the Fibonacci level 0.79-Level. Caution: A possible reversal of the trend in the direction of the resistance level at 1.44202 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Besides a ‘Three Outside Up’ chart pattern is found. The chart forms ‘Three Outside Up’. which is a positive pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.44352 |
| 2nd High | 1.44329 |
| Next High | 1.44202 |
| Current Price | 1.44076 |
| Next Low | 1.43462 |
| 2nd Low | 1.43349 |
| 3rd Low | 1.43043 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Up