USD/CAD – 30M – SELLThe currency pair US Dollar/Canadian Dollar (USD/CAD) jumps from the bearish trendline down.
A continuation of the downward movement downwards to the next support level at 1.40040 is considered certain.
Caution: A possible change in the direction of the resistance level at 1.41023 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Bearish Engulfing’ candle chart pattern is discovered. The chart shows ‘Bearish Engulfing’. which is a negative chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.41054 |
| Next High | 1.41023 |
| Current Price | 1.40022 |
| Next Low | 1.40040 |
| 2nd Low | 1.39932 |
| 3rd Low | 1.39304 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing