USD/CAD – 1H – SELLThe combination US Dollar/Canadian Dollar (USD/CAD) moves from the bearish trendline down.
A continuation of the downtrend downwards to the next support line at 1.40515 is likely expected.
Caution: A possible trend reversal in the direction of resistance at 1.40828 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Bearish Engulfing’ candlestick pattern is found. The candles show ‘Bearish Engulfing’. this is a bearish signal. The currency pair is likely to fall. 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 | 1.41778 |
| 2nd High | 1.40893 |
| Next High | 1.40828 |
| Current Price | 1.40714 |
| Next Low | 1.40515 |
| 2nd Low | 1.40089 |
| 3rd Low | 1.39847 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing