USD/CAD – 30M – SELLThe combination moves from the ascending trendline downwards
A descent down to the next support line at 1.39355 will continue.
Caution: A possible reversal of the trend in the direction of the resistance level at 1.39593 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
And also a ‘Bearish Engulfing’ candle chart pattern is found. The chart shows ‘Bearish Engulfing’. which 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 | 1.39670 |
| Next High | 1.39593 |
| Current Price | 1.39498 |
| Next Low | 1.39355 |
| 2nd Low | 1.39249 |
| 3rd Low | 1.39166 |