USD/CAD – 1H – SELLThe combination US Dollar/Canadian Dollar (USD/CAD) goes from the bullish trendline downwards
A descent down to the next support at 1.42165 will continue.
Caution: A possible reversal of the trend in the direction of the resistance line at 1.42447 is also possible.
Consider stop-loss settings accordingly.
In addition a ‘Bearish Engulfing’ candlestick chart pattern is found. The chart shows ‘Bearish Engulfing’. which is a negative signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.42447 |
| Current Price | 1.42280 |
| Next Low | 1.42165 |
| 2nd Low | 1.42092 |
| 3rd Low | 1.41309 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing