USD/CAD – 1H – BUYCorrection of the major bullish trend broke the Fibonacci 0.5-Level.Continuation of the current descending trend is likely expected. Target of the current trend is 1.3980907 at the Fibonacci level 0.79-Level. Caution: A possible counter-trend in the direction of the support zone at 1.41778 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Additionally a ‘Matching Low’ candlestick chart pattern is discovered. The candles show ‘Matching Low’. which is a positive pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.41778 |
| Current Price | 1.40458 |
| Next Low | 1.39847 |
| 2nd Low | 1.39802 |
| 3rd Low | 1.39273 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Matching Low