USD/CAD – 1H – BUYThe combination US Dollar/Canadian Dollar (USD/CAD) goes from the bullish trendline downwards
A bearish descent downwards to the next support level at 1.42165 is expected.
Caution: A possible trend reversal in the direction of the resistance level at could be enabled.
Consider stop-loss settings accordingly.
Correction of the major bullish trend halted around the Fibonacci 0-Level.Continuation of the current ascending trend is expected. Target of the current trend is 1.43233 at the Fibonacci level 0-Level. Caution: A possible trend reversal in the direction of the resistance level at could be enabled.
Consider stop-loss settings accordingly.
Next a ‘Bullish Engulfing’ candle chart pattern is existing. The candles show ‘Bullish Engulfing’. which is a positive chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | |
| Current Price | 1.43291 |
| Next Low | 1.42165 |
| 2nd Low | 1.42092 |
| 3rd Low | 1.41309 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bullish Engulfing