USD/CAD – 1H – BUYThe currency pair US Dollar/Canadian Dollar (USD/CAD) jumps from the bullish trendline downwards
A descent downwards to the next support line at 1.43379 will continue.
Caution: A possible change in the direction of the resistance zone at 1.44326 is also possible.
Consider stop-loss settings accordingly.
Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend will continue. Target of the current trend is 1.43641668 at the Fibonacci level 0.24-Level. Caution: A possible change in the direction of the support level at 1.44326 is also possible.
Consider stop-loss settings accordingly.
Then a ‘Three Outside Down’ chart pattern is discovered. The candles form ‘Three Outside Down’. this is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.44669 |
| 2nd High | 1.44492 |
| Next High | 1.44326 |
| Current Price | 1.43782 |
| Next Low | 1.43379 |
| 2nd Low | 1.43349 |
| 3rd Low | 1.43043 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Down