USD/CAD – 4H – BUYCorrection of the major bullish trend broke the Fibonacci 0-Level.Continuation of the current descending trend will continue. Current target is 1.4098504 at the Fibonacci level 0.24-Level. Caution: A possible change in the direction of the support level at 1.41778 could happen.
Consider stop-loss settings accordingly.
Also there is a ‘Three Outside Down’ candlestick pattern is detected. The candles show ‘Three Outside Down’. this is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.41778 |
| Current Price | 1.41651 |
| Next Low | 1.40100 |
| 2nd Low | 1.39802 |
| 3rd Low | 1.39273 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Down