USD/CAD – 4H – SELLThe currency pair US Dollar/Canadian Dollar (USD/CAD) jumps from the ascending trendline downwards
A bearish trend down to the next support line at 1.41193 is expected.
Caution: A possible trend reversal in the direction of resistance at 1.44492 could occur.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bullish trend broke the Fibonacci 0.24-Level.Continuation of the current descending trend is expected. Target of the current trend is 1.42931 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of the support level at 1.44492 could occur.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Three Black Crows’ chart pattern is discovered. The candles show ‘Three Black Crows’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Black Crows’ going down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.44669 |
| Next High | 1.44492 |
| Current Price | 1.43167 |
| Next Low | 1.41193 |
| 2nd Low | 1.40100 |
| 3rd Low | 1.39802 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Black Crows