USD/CAD – 1H – SELLThe combination US Dollar/Canadian Dollar (USD/CAD) moves from the descending trendline down.
A continuation of the bearish trend down to the next support level at 1.39847 is certain.
Caution: A possible counter-trend in the direction of the resistance line at 1.40893 could happen.
In the case of a trade, always set appropriate stop-loss settings.
And also a ‘Bearish Engulfing’ candlestick pattern is discovered. The chart forms ‘Bearish Engulfing’. this is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.41778 |
| Next High | 1.40893 |
| Current Price | 1.40522 |
| Next Low | 1.39847 |
| 2nd Low | 1.39802 |
| 3rd Low | 1.39273 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing