USD/CAD – 30M – BUYThe currency pair US Dollar/Canadian Dollar (USD/CAD) goes from the ascending trendline down.
The bearish trend down to the next support level at 1.43875 is considered certain.
Caution: A possible counter-trend in the direction of resistance at 1.44094 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bullish trend broke through the Fibonacci 0-Level.Continuation of the current descending trend is considered certain. Target of the current trend is 1.4382968 at the Fibonacci level 0.24-Level. Caution: A possible counter-trend in the direction of support at 1.44094 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Matching Low’ chart pattern is discovered. The candles show ‘Matching Low’. which is a positive chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.44669 |
| 2nd High | 1.44632 |
| Next High | 1.44094 |
| Current Price | 1.44051 |
| Next Low | 1.43875 |
| 2nd Low | 1.43646 |
| 3rd Low | 1.43388 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Matching Low