USD/CAD – 1H – BUYThe combination US Dollar/Canadian Dollar (USD/CAD) goes from the ascending trendline downwards
A bearish descent downwards to the next support line at 1.43632 is certain.
Caution: A possible trend reversal in the direction of the resistance zone at 1.44199 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Three Outside Up’ candle pattern is found. The chart shows ‘Three Outside Up’. which is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.44352 |
| 2nd High | 1.44329 |
| Next High | 1.44199 |
| Current Price | 1.43674 |
| Next Low | 1.43632 |
| 2nd Low | 1.43349 |
| 3rd Low | 1.43043 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Up