USD/CAD – 1H – BUYThe combination US Dollar/Canadian Dollar (USD/CAD) breaks through the bearish trendline up.
An ascending movement up to the next resistance level at 1.44492 is certain.
Caution: A possible trend reversal in the direction of the support level at 1.43744 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bullish trend halted around the Fibonacci 0.5-Level.Continuation of the current ascending trend is certain. Target of the current trend is 1.44222252 at the Fibonacci level 0.24-Level. Caution: A possible trend reversal in the direction of the resistance line at 1.44492 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Three White Soldiers’ candle pattern is existing. The candles show ‘Three White Soldiers’. which is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three White Soldiers’ heading up is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.44669 |
| Next High | 1.44492 |
| Current Price | 1.44123 |
| Next Low | 1.43744 |
| 2nd Low | 1.43462 |
| 3rd Low | 1.43349 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Three White Soldiers