USD/CAD – 1H – BUYThe pair US Dollar/Canadian Dollar (USD/CAD) goes from the bearish trendline downwards
A continuation of the bearish trend down to the next support line at 1.41554 is likely expected.
Caution: A possible trend reversal in the direction of resistance at 1.41947 is within the realm of possibility.
Consider stop-loss settings accordingly.
Furthermore a ‘Bullish Engulfing’ candlestick pattern is existing. The candles form ‘Bullish Engulfing’. which is a positive signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.41947 |
| Current Price | 1.41590 |
| Next Low | 1.41554 |
| 2nd Low | 1.40930 |
| 3rd Low | 1.40100 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bullish Engulfing