USD/CAD – 1H – BUYThe currency pair US Dollar/Canadian Dollar (USD/CAD) breaks through the bullish trendline upwards
A continuation of the uptrend up to the next resistance level at is likely expected.
Caution: A possible trend reversal in the direction of the support level at 1.41309 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Furthermore a ‘Three Outside Up’ candlestick pattern is found. The candles show ‘Three Outside Up’. which is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | |
| Current Price | 1.42376 |
| Next Low | 1.41309 |
| 2nd Low | 1.41193 |
| 3rd Low | 1.40930 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Up