USD/CAD – 30M – SELLThe pair US Dollar/Canadian Dollar (USD/CAD) moves from the bearish trendline downwards
A continuation of the downtrend down to the next support at 1.40156 will persist.
Caution: A possible counter-trend in the direction of the resistance level at 1.40430 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
And also a ‘Bearish Engulfing’ candlestick pattern is found. The candles form ‘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 success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.40791 |
| 2nd High | 1.40663 |
| Next High | 1.40430 |
| Current Price | 1.40317 |
| Next Low | 1.40156 |
| 2nd Low | 1.40100 |
| 3rd Low | 1.40089 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing