USD/CAD – 1H – BUYThe currency pair US Dollar/Canadian Dollar (USD/CAD) goes from the ascending trendline downwards
A bearish movement down to the next support level at 1.42165 is expected.
Caution: A possible counter-trend in the direction of the resistance line at 1.42715 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bullish trend halted around the Fibonacci 0.24-Level.Continuation of the current ascending trend is expected. Current target is 1.42715 at the Fibonacci level 0-Level. Caution: A possible counter-trend in the direction of the resistance line at 1.42715 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Furthermore a ‘Three Outside Up’ candlestick pattern is detected. The candles form ‘Three Outside Up’. which is a positive signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.42715 |
| Current Price | 1.42476 |
| Next Low | 1.42165 |
| 2nd Low | 1.42092 |
| 3rd Low | 1.41309 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Up