USD/CAD – 1H – SELLThe currency pair US Dollar/Canadian Dollar (USD/CAD) moves from the ascending trendline down.
A bearish descent down to the next support line at 1.39847 will persist.
Caution: A possible reversal of the trend in the direction of the resistance level at 1.40893 could happen.
In the case of a trade, always set appropriate stop-loss settings.
And also a ‘Evening Star’ candle pattern is detected. The chart forms ‘Evening Star’. this is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Evening Star’ heading down is 72% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.41778 |
| Next High | 1.40893 |
| Current Price | 1.40493 |
| Next Low | 1.39847 |
| 2nd Low | 1.39802 |
| 3rd Low | 1.39273 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Evening Star