USD/CAD – 30M – BUYThe currency pair US Dollar/Canadian Dollar (USD/CAD) breaks through the descending trendline up.
A bullish movement upwards to the next resistance at 1.40198 is expected.
Caution: A possible change in the direction of the support level at 1.39508 could happen.
Consider stop-loss settings accordingly.
Moreover a ‘Inverted Hammer’ candlestick chart pattern is detected. The candles show ‘Inverted Hammer’. this is a bullish signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Inverted Hammer’ heading up is 65% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.40651 |
| 2nd High | 1.40313 |
| Next High | 1.40198 |
| Current Price | 1.39879 |
| Next Low | 1.39508 |
| 2nd Low | 1.39273 |
| 3rd Low | 1.39249 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Inverted Hammer