USD/CAD – 1H – SELLThe currency pair US Dollar/Canadian Dollar (USD/CAD) goes from the bearish trendline down.
A continuation of the downtrend downwards to the next support line at 1.36342 will continue.
Caution: A possible counter-trend in the direction of the resistance zone at 1.36900 should always be considered.
Consider stop-loss settings accordingly.
Next a ‘Northern Doji’ candlestick pattern is found. The candles show ‘Northern Doji’. which is a positive chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.37314 |
| 2nd High | 1.37284 |
| Next High | 1.36900 |
| Current Price | 1.36180 |
| Next Low | 1.36342 |
| 2nd Low | |
| 3rd Low |
1.36900 – 1.37284 – 1.37071 – 1.36496 – 1.36633 – 1.36692
Trading Signals: FOREX – USD – USD/CAD – CAD – Northern Doji