USD/CAD – 1H – BUYThe combination US Dollar/Canadian Dollar (USD/CAD) breaks through the bearish trendline up.
An ascent up to the next resistance at 1.37590 is considered certain.
Caution: A possible counter-trend in the direction of the support line at 1.36273 could occur.
In the case of a trade, always set appropriate stop-loss settings.
In addition a ‘Bullish Engulfing’ candlestick chart pattern is discovered. The candles form ‘Bullish Engulfing’. which is a positive signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.38296 |
| 2nd High | 1.37977 |
| Next High | 1.37590 |
| Current Price | 1.36695 |
| Next Low | 1.36273 |
| 2nd Low | 1.36173 |
| 3rd Low | 1.35563 |
1.37590 – 1.37543 – 1.37977 – 1.36273 – 1.36173 – 1.36782
Trading Signals: FOREX – USD – USD/CAD – CAD – Bullish Engulfing –