USD/CAD – 1H – SELLThe combination US Dollar/Canadian Dollar (USD/CAD) moves from the bearish trendline downwards
A continuation of the downtrend downwards to the next support line at 1.38258 will continue.
Caution: A possible counter-trend in the direction of resistance at 1.38538 could happen.
Consider stop-loss settings accordingly.
Moreover a ‘Northern Doji’ candlestick chart pattern is discovered. The chart forms ‘Northern Doji’. which is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.38675 |
| 2nd High | 1.38575 |
| Next High | 1.38538 |
| Current Price | 1.38422 |
| Next Low | 1.38258 |
| 2nd Low | 1.37931 |
| 3rd Low | 1.37879 |
1.38538 – 1.38575 – 1.38675 – 1.38258 – 1.38302 – 1.37931 — 46.777416935052 – 46.24302829743 — 88.767437647201 – 82.579463333132 – 68.128319222227 – 80.014879286043
Trading Signals: FOREX – USD – USD/CAD – CAD – Northern Doji – – –