USD/CAD – 30M – BUYThe combination US Dollar/Canadian Dollar (USD/CAD) moves from the ascending trendline downwards
A descent down to the next support at 1.43989 will continue.
Caution: A possible trend reversal in the direction of resistance at 1.44202 should always be considered.
Consider stop-loss settings accordingly.
And also a ‘Bullish Engulfing’ candle chart pattern is detected. The candles show ‘Bullish Engulfing’. 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 ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.44352 |
| 2nd High | 1.44329 |
| Next High | 1.44202 |
| Current Price | 1.44128 |
| Next Low | 1.43989 |
| 2nd Low | 1.43496 |
| 3rd Low | 1.43462 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bullish Engulfing