USD/CAD – 1H – BUYThe pair US Dollar/Canadian Dollar (USD/CAD) jumps from the ascending trendline down.
A bearish descent downwards to the next support line at 1.39304 is likely expected.
Caution: A possible trend reversal in the direction of the resistance zone at 1.40363 could occur.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bullish trend halted around the Fibonacci 0.7-Level.Continuation of the current ascending trend is likely expected. Current target is 1.401515 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of the resistance zone at 1.40363 could occur.
Please make appropriate stop-loss settings in the case of a trade.
Then a ‘Three White Soldiers’ chart pattern is found. The candles form ‘Three White Soldiers’. which is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three White Soldiers’ heading up is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.41054 |
| 2nd High | 1.41023 |
| Next High | 1.40363 |
| Current Price | 1.39783 |
| Next Low | 1.39304 |
| 2nd Low | 1.39249 |
| 3rd Low | 1.38418 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Three White Soldiers