USD/CAD – 30M – SELLThe currency pair US Dollar/Canadian Dollar (USD/CAD) goes from the bearish trendline down.
A continuation of the bearish trend downwards to the next support at 1.40336 is likely expected.
Caution: A possible counter-trend in the direction of the resistance zone at 1.40651 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Bearish Engulfing’ candlestick chart pattern is found. The chart forms ‘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 success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.41279 |
| 2nd High | 1.40775 |
| Next High | 1.40651 |
| Current Price | 1.40263 |
| Next Low | 1.40336 |
| 2nd Low | 1.39508 |
| 3rd Low | 1.39273 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing