USD/CAD – 1H – BUYCorrection of the major bullish trend halted around the Fibonacci 0.7-Level.Continuation of the current ascending trend is likely expected. Target of the current trend is 1.439205 at the Fibonacci level 0.5-Level. Caution: A possible change in the direction of the resistance line at 1.44326 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Inverted Hammer’ candlestick chart pattern is found. The chart shows ‘Inverted Hammer’. this is a bullish pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Inverted Hammer’ heading up is 65% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.44669 |
| 2nd High | 1.44492 |
| Next High | 1.44326 |
| Current Price | 1.43695 |
| Next Low | 1.43462 |
| 2nd Low | 1.43349 |
| 3rd Low | 1.43043 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Inverted Hammer