USD/CAD – 1H – SELLThe currency pair US Dollar/Canadian Dollar (USD/CAD) jumps from the bullish trendline down.
A descending movement down to the next support at 1.42165 is likely expected.
Caution: A possible counter-trend in the direction of the resistance zone at 1.43233 could be enabled.
Consider stop-loss settings accordingly.
Furthermore a ‘Bearish Engulfing’ candle pattern is found. The chart shows ‘Bearish Engulfing’. which is a negative signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.43233 |
| Current Price | 1.43157 |
| Next Low | 1.42165 |
| 2nd Low | 1.42092 |
| 3rd Low | 1.41309 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing