USD/CAD – 1H – SELLThe currency pair US Dollar/Canadian Dollar (USD/CAD) goes from the bearish trendline down.
A continuation of the bearish trend downwards to the next support at 1.43462 is likely expected.
Caution: A possible trend reversal in the direction of resistance at 1.44202 should be noted.
Consider stop-loss settings accordingly.
Besides a ‘Bearish Engulfing’ chart pattern is found. The candles form ‘Bearish Engulfing’. which is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.44352 |
| 2nd High | 1.44329 |
| Next High | 1.44202 |
| Current Price | 1.43953 |
| Next Low | 1.43462 |
| 2nd Low | 1.43349 |
| 3rd Low | 1.43043 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing