USD/CAD – 1H – SELLThe currency pair US Dollar/Canadian Dollar (USD/CAD) moves from the descending trendline down.
A continuation of the downward movement down to the next support line at 1.37994 will persist.
Caution: A possible trend reversal in the direction of resistance at 1.38594 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘%K crosses below %D’ indicator signal is found. The indicator shows ‘%K crosses below %D’. this is usually a bearish signal. The currency pair could go down.
Moreover a ‘Tweezers Top’ candle pattern is detected. The chart forms ‘Tweezers Top’. this is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Tweezers Top’ heading down is 56% (Bull Market) & 55% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.40142 |
| 2nd High | 1.3977 |
| Next High | 1.38594 |
| Current Price | 1.38401 |
| Next Low | 1.37994 |
| 2nd Low | 1.37685 |
| 3rd Low | 1.37341 |
1.38594 – 1.3977 – 1.40142 – 1.37994 – 1.39251 – 1.39383 —
1.38494 – 1.38458 —
48.781207027634 – 46.811444731431 —
– —
1.38594 – 1765234800
Trading Signals: FOREX – USD – USD/CAD – CAD – Tweezers Top – – – – – – – – –