USD/CAD – 4H – SELLThe currency pair US Dollar/Canadian Dollar (USD/CAD) goes from the bullish trendline downwards
A bearish trend downwards to the next support at 1.43462 is expected.
Caution: A possible counter-trend in the direction of the resistance zone at 1.44669 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Bearish Engulfing’ candlestick pattern is existing. The candles form ‘Bearish Engulfing’. which is a negative pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.44669 |
| Current Price | 1.43756 |
| Next Low | 1.43462 |
| 2nd Low | 1.43349 |
| 3rd Low | 1.41193 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing