USD/CAD – 4H – SELLThe currency pair US Dollar/Canadian Dollar (USD/CAD) goes from the ascending trendline down.
The bearish trend downwards to the next support level at 1.43379 is likely expected.
Caution: A possible change in the direction of the resistance line at 1.44492 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Additionally a ‘Bearish Engulfing’ candlestick pattern is existing. The candles show ‘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 | 1.44669 |
| Next High | 1.44492 |
| Current Price | 1.43926 |
| Next Low | 1.43379 |
| 2nd Low | 1.43349 |
| 3rd Low | 1.41193 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing