USD/CAD – 4H – SELLIn addition a ‘Inverse Head and Shoulder chart pattern’ chart layout is detected. The chart shows ‘Inverse Head and Shoulder chart pattern’. which is a bullish pattern signal. The currency pair is likely to go up.
The combination US Dollar/Canadian Dollar (USD/CAD) jumps from the ascending trendline down.
A bearish descent downwards to the next support line at 1.36173 will persist.
Caution: A possible reversal of the trend in the direction of resistance at 1.37590 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Northern Doji’ candle chart pattern is found. The chart forms ‘Northern Doji’. this is a bullish pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Northern Doji’ going up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.38613 |
| 2nd High | 1.37977 |
| Next High | 1.37590 |
| Current Price | 1.36527 |
| Next Low | 1.36173 |
| 2nd Low | 1.35395 |
| 3rd Low |
1.37590 – 1.37543 – 1.37977 – 1.36173 – 1.36782 – 1.35395
Trading Signals: FOREX – USD – USD/CAD – CAD – Northern Doji – Inverse Head and Shoulder chart pattern