USD/CAD – 4H – BUYThe currency pair US Dollar/Canadian Dollar (USD/CAD) goes from the descending trendline down.
A continuation of the bearish trend down to the next support line at 1.42791 is likely expected.
Caution: A possible trend reversal in the direction of the resistance level at 1.44632 could happen.
Consider stop-loss settings accordingly.
There is also a ‘Two-Candle Shooting Star’ candle pattern is existing. The chart forms ‘Two-Candle Shooting Star’. this is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Two-Candle Shooting Star’ going down is 61% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.44669 |
| Next High | 1.44632 |
| Current Price | 1.43949 |
| Next Low | 1.42791 |
| 2nd Low | 1.41193 |
| 3rd Low | 1.40100 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Two-Candle Shooting Star