USD/CAD – 30M – BUYThe combination US Dollar/Canadian Dollar (USD/CAD) breaks through the ascending trendline up.
A continuation of the uptrend upwards to the next resistance level at is expected.
Caution: A possible trend reversal in the direction of the support zone at 1.43043 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
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 1.43314 at the Fibonacci level 0-Level. Caution: A possible trend reversal in the direction of the resistance level at should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Three Outside Up’ candle chart pattern is detected. The candles form ‘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 probability 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 | 1.44165 |
| Next Low | 1.43043 |
| 2nd Low | 1.42984 |
| 3rd Low | 1.42222 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Up