USD/CAD – 30M – BUYThe combination US Dollar/Canadian Dollar (USD/CAD) goes from the descending trendline downwards
A continuation of the downtrend downwards to the next support line at 1.42222 is considered certain.
Caution: A possible change in the direction of the resistance level at could occur.
Consider stop-loss settings accordingly.
Moreover a ‘Three Outside Up’ chart pattern is found. The chart shows ‘Three Outside Up’. which is a positive pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | |
| Current Price | 1.42887 |
| Next Low | 1.42222 |
| 2nd Low | 1.42190 |
| 3rd Low | 1.42165 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Up