The currency pair US Dollar/Canadian Dollar (USD/CAD) goes from the ascending trendline upwards
A continuation of the upward movement up to the next resistance at 1.42715 is likely expected.
Caution: A possible counter-trend in the direction of the support level at 1.42190 could be enabled.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Three Outside Up’ candlestick chart pattern is found. The chart shows ‘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 | 1.42715 |
Current Price | 1.42369 |
Next Low | 1.42190 |
2nd Low | 1.42165 |
3rd Low | 1.42092 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Up