USD/CAD – 30M – SELLThe pair US Dollar/Canadian Dollar (USD/CAD) moves from the bearish trendline down.
A continuation of the bearish trend down to the next support at 1.40040 is certain.
Caution: A possible change in the direction of resistance at 1.40291 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
In addition a ‘Bearish Engulfing’ candle pattern is discovered. The candles show ‘Bearish Engulfing’. 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 chance 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 | 1.40051 |
| Next Low | 1.40040 |
| 2nd Low | 1.39932 |
| 3rd Low | 1.39304 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing