USD/CAD – 30M – SELLThe combination US Dollar/Canadian Dollar (USD/CAD) goes from the descending trendline down.
A continuation of the downtrend down to the next support line at 1.40040 is considered certain.
Caution: A possible change in the direction of the resistance zone at 1.40291 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Bearish Engulfing’ candlestick pattern is detected. The chart shows ‘Bearish Engulfing’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.41054 |
| 2nd High | 1.41023 |
| Next High | 1.40291 |
| Current Price | 1.40189 |
| Next Low | 1.40040 |
| 2nd Low | 1.39932 |
| 3rd Low | 1.39304 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing