USD/CAD – 1H – BUYThe combination US Dollar/Canadian Dollar (USD/CAD) moves from the ascending trendline down.
A descending movement down to the next support line at 1.43349 is expected.
Caution: A possible trend reversal in the direction of resistance at 1.44329 could be enabled.
Consider stop-loss settings accordingly.
Moreover a ‘Bullish Harami’ chart pattern is discovered. The candles form ‘Bullish Harami’. which is a positive pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Harami’ going up is 53% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.44669 |
| 2nd High | 1.44352 |
| Next High | 1.44329 |
| Current Price | 1.43577 |
| Next Low | 1.43349 |
| 2nd Low | 1.43043 |
| 3rd Low | 1.42165 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bullish Harami