USD/CAD – 30M – BUYThe combination US Dollar/Canadian Dollar (USD/CAD) moves from the ascending trendline down.
A descending movement downwards to the next support at 1.40089 will persist.
Caution: A possible trend reversal in the direction of the resistance level at 1.40755 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Correction of the major bullish trend broke the Fibonacci 0.24-Level.Continuation of the current descending trend will persist. Target of the current trend is 1.4037 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of the support line at 1.40755 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Also there is a ‘Matching Low’ candlestick chart pattern is existing. The candles show ‘Matching Low’. this is a bullish pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.41279 |
| 2nd High | 1.40893 |
| Next High | 1.40755 |
| Current Price | 1.40628 |
| Next Low | 1.40089 |
| 2nd Low | 1.39847 |
| 3rd Low | 1.39802 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Matching Low