USD/CAD – 1H – SELLThe pair US Dollar/Canadian Dollar (USD/CAD) jumps from the ascending trendline down.
A bearish trend downwards to the next support line at 1.42791 is likely expected.
Caution: A possible trend reversal in the direction of the resistance line at 1.44632 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Bearish Harami’ candle pattern is discovered. The candles form ‘Bearish Harami’. this is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Harami’ going down is 53% (Bull Market) & 50% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.44669 |
| Next High | 1.44632 |
| Current Price | 1.43408 |
| Next Low | 1.42791 |
| 2nd Low | 1.42165 |
| 3rd Low | 1.42092 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Harami