USD/CAD – 30M – BUYThe combination US Dollar/Canadian Dollar (USD/CAD) breaks through the bullish trendline up.
A continuation of the uptrend upwards to the next resistance line at 1.44632 is expected.
Caution: A possible counter-trend in the direction of the support level at 1.43388 could occur.
In the case of a trade, always set appropriate stop-loss settings.
In addition a ‘Bullish Engulfing’ candle chart pattern is discovered. The chart forms ‘Bullish Engulfing’. which is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.44669 |
| Next High | 1.44632 |
| Current Price | 1.43947 |
| Next Low | 1.43388 |
| 2nd Low | 1.42974 |
| 3rd Low | 1.42791 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bullish Engulfing