USD/CAD – 30M – SELLThe pair US Dollar/Canadian Dollar (USD/CAD) moves from the bullish trendline down.
A bearish movement downwards to the next support level at 1.42190 is considered certain.
Caution: A possible counter-trend in the direction of resistance at could occur.
Consider stop-loss settings accordingly.
Next a ‘Bearish Engulfing’ candle chart pattern is found. The candles form ‘Bearish Engulfing’. this is a bearish 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’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | |
| Current Price | 1.42484 |
| Next Low | 1.42190 |
| 2nd Low | 1.42165 |
| 3rd Low | 1.42092 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing