USD/CAD – 30M – BUYThe currency pair US Dollar/Canadian Dollar (USD/CAD) moves from the bullish trendline down.
A descending movement down to the next support level at 1.43439 is expected.
Caution: A possible counter-trend in the direction of the resistance zone at 1.44669 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Then a ‘Bullish Engulfing’ candlestick pattern is found. The chart shows ‘Bullish Engulfing’. 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 ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.44669 |
| Current Price | 1.44192 |
| Next Low | 1.43439 |
| 2nd Low | 1.43043 |
| 3rd Low | 1.42984 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bullish Engulfing