USD/CAD – 30M – SELLThe combination US Dollar/Canadian Dollar (USD/CAD) moves from the bullish trendline down.
A bearish descent down to the next support line at 1.41588 will continue.
Caution: A possible reversal of the trend in the direction of the resistance line at 1.41939 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Bearish Engulfing’ candlestick pattern is discovered. The candles show ‘Bearish Engulfing’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.41947 |
| Next High | 1.41939 |
| Current Price | 1.41723 |
| Next Low | 1.41588 |
| 2nd Low | 1.41554 |
| 3rd Low | 1.40930 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing