USD/CAD – 1H – SELLThe combination US Dollar/Canadian Dollar (USD/CAD) jumps from the bearish trendline down.
A continuation of the bearish trend down to the next support at 1.43462 is expected.
Caution: A possible reversal of the trend in the direction of the resistance zone at 1.44202 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
There is also a ‘Evening Star’ candle pattern is detected. The chart forms ‘Evening Star’. 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 chance of ‘Evening Star’ heading down is 72% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.44352 |
| 2nd High | 1.44329 |
| Next High | 1.44202 |
| Current Price | 1.44034 |
| Next Low | 1.43462 |
| 2nd Low | 1.43349 |
| 3rd Low | 1.43043 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Evening Star