USD/CAD – 30M – SELLThe combination US Dollar/Canadian Dollar (USD/CAD) moves from the bullish trendline down.
A bearish movement down to the next support at 1.41309 is expected.
Caution: A possible counter-trend in the direction of the resistance level at 1.42435 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Bearish Engulfing’ candlestick chart pattern is detected. The chart forms ‘Bearish Engulfing’. this is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.42435 |
| Current Price | 1.42225 |
| Next Low | 1.41309 |
| 2nd Low | 1.41193 |
| 3rd Low | 1.40930 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing