USD/CAD – 1H – SELLThe currency pair US Dollar/Canadian Dollar (USD/CAD) moves from the ascending trendline downwards
The bearish trend down to the next support level at 1.41309 is considered certain.
Caution: A possible counter-trend in the direction of the resistance level at should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Then a ‘Bearish Engulfing’ chart pattern is found. The chart forms ‘Bearish Engulfing’. which is a negative chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | |
| Current Price | 1.42310 |
| Next Low | 1.41309 |
| 2nd Low | 1.41193 |
| 3rd Low | 1.40930 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing