USD/CAD – 1H – SELLThe combination US Dollar/Canadian Dollar (USD/CAD) moves from the bullish trendline downwards
A descent downwards to the next support at 1.40515 is certain.
Caution: A possible trend reversal in the direction of the resistance level at 1.40828 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
And also a ‘Bearish Engulfing’ candle pattern is existing. The chart forms ‘Bearish Engulfing’. this is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.41778 |
| 2nd High | 1.40893 |
| Next High | 1.40828 |
| Current Price | 1.40680 |
| Next Low | 1.40515 |
| 2nd Low | 1.40089 |
| 3rd Low | 1.39847 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing