USD/CAD – 30M – SELLThe combination US Dollar/Canadian Dollar (USD/CAD) jumps from the ascending trendline down.
A bearish descent downwards to the next support line at 1.43043 is considered certain.
Caution: A possible trend reversal in the direction of the resistance line at 1.44669 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
Additionally a ‘Three Outside Down’ candlestick chart pattern is detected. The chart forms ‘Three Outside Down’. which is a negative signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.44669 |
| Current Price | 1.43824 |
| Next Low | 1.43043 |
| 2nd Low | 1.42984 |
| 3rd Low | 1.42222 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Down