USD/CAD – 30M – SELLThe pair moves from the ascending trendline down.
A descending movement downwards to the next support at 1.39355 is certain.
Caution: A possible trend reversal in the direction of the resistance line at 1.39593 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bullish trend broke the Fibonacci 0.24-Level.Continuation of the current descending trend is certain. Target of the current trend is 1.39406 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of the support zone at 1.39593 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
There is also a ‘Three Black Crows’ candle pattern is detected. The chart forms ‘Three Black Crows’. which is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Black Crows’ going down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.39670 |
| Next High | 1.39593 |
| Current Price | 1.39472 |
| Next Low | 1.39355 |
| 2nd Low | 1.39249 |
| 3rd Low | 1.39166 |