USD/CAD – 30M – SELLThe combination US Dollar/Canadian Dollar (USD/CAD) goes from the ascending trendline down.
A descending movement down to the next support at 1.40089 is expected.
Caution: A possible trend reversal in the direction of the resistance zone at 1.40755 could occur.
Consider stop-loss settings accordingly.
Next a ‘Bearish Engulfing’ candlestick chart pattern is found. The candles show ‘Bearish Engulfing’. which is a bearish chart scenario. The currency pair is likely to fall. 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 | 1.41279 |
| 2nd High | 1.40893 |
| Next High | 1.40755 |
| Current Price | 1.40651 |
| Next Low | 1.40089 |
| 2nd Low | 1.39847 |
| 3rd Low | 1.39802 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing