USD/CAD – 30M – BUYThe combination US Dollar/Canadian Dollar (USD/CAD) moves from the descending trendline downwards
A continuation of the bearish trend down to the next support at 1.41309 is certain.
Caution: A possible reversal of the trend in the direction of the resistance level at should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
In addition a ‘Bullish Engulfing’ candle pattern is discovered. The candles form ‘Bullish Engulfing’. which is a positive chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | |
| Current Price | 1.42259 |
| Next Low | 1.41309 |
| 2nd Low | 1.41193 |
| 3rd Low | 1.40930 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bullish Engulfing