USD/CAD – 30M – SELLThe pair US Dollar/Canadian Dollar (USD/CAD) moves from the bullish trendline downwards
A bearish trend down to the next support level at 1.39355 is expected.
Caution: A possible reversal of the trend in the direction of the resistance line at 1.39593 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Bearish Engulfing’ candle chart pattern is discovered. The candles show ‘Bearish Engulfing’. this 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 probability of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.39670 |
| Next High | 1.39593 |
| Current Price | 1.39697 |
| Next Low | 1.39355 |
| 2nd Low | 1.39249 |
| 3rd Low | 1.39166 |