USD/CAD – 30M – SELLThe pair US Dollar/Canadian Dollar (USD/CAD) jumps from the bearish trendline downwards
A continuation of the downward movement down to the next support line at 1.40930 is likely expected.
Caution: A possible change in the direction of resistance at 1.41747 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bullish trend broke the Fibonacci 0-Level.Continuation of the current descending trend is likely expected. Current target is 1.41358308 at the Fibonacci level 0.24-Level. Caution: A possible change in the direction of the support line at 1.41747 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Three Black Crows’ candle pattern is detected. The chart forms ‘Three Black Crows’. 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 ‘Three Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.41778 |
| Next High | 1.41747 |
| Current Price | 1.41660 |
| Next Low | 1.40930 |
| 2nd Low | 1.40156 |
| 3rd Low | 1.40100 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Black Crows