USD/CAD – 4H – BUYThe combination US Dollar/Canadian Dollar (USD/CAD) breaks through the bullish trendline up.
A continuation of the upward movement up to the next resistance level at is expected.
Caution: A possible counter-trend in the direction of the support line at 1.41193 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Three Outside Up’ candlestick pattern is discovered. The chart forms ‘Three Outside Up’. which is a bullish pattern signal. The 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 | |
| Current Price | 1.43115 |
| Next Low | 1.41193 |
| 2nd Low | 1.40100 |
| 3rd Low | 1.39802 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Up