USD/CAD – 30M – SELLThe combination US Dollar/Canadian Dollar (USD/CAD) moves from the ascending trendline down.
A bearish trend downwards to the next support line at 1.40089 will persist.
Caution: A possible trend reversal in the direction of the resistance line at 1.40755 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Bearish Engulfing’ chart pattern is existing. The candles show ‘Bearish Engulfing’. which 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’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.41279 |
| 2nd High | 1.40893 |
| Next High | 1.40755 |
| Current Price | 1.40711 |
| Next Low | 1.40089 |
| 2nd Low | 1.39847 |
| 3rd Low | 1.39802 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing