USD/CAD – 4H – BUYThe combination US Dollar/Canadian Dollar (USD/CAD) moves from the bearish trendline downwards
A continuation of the downward movement down to the next support level at 1.43379 is considered certain.
Caution: A possible trend reversal in the direction of resistance at 1.44492 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Three Outside Down’ candlestick chart pattern is found. The candles show ‘Three Outside Down’. which is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.44669 |
| Next High | 1.44492 |
| Current Price | 1.44009 |
| Next Low | 1.43379 |
| 2nd Low | 1.43349 |
| 3rd Low | 1.41193 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Down