The pair US Dollar/Canadian Dollar (USD/CAD) jumps from the descending trendline downwards
A continuation of the bearish trend down to the next support line at 1.43744 is certain.
Caution: A possible trend reversal in the direction of the resistance level at 1.44202 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Shooting Star’ candlestick chart pattern is detected. The candles form ‘Shooting Star’. which is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Shooting Star’ heading down is 59% (Bull Market) & 60% (Bear Market).
Support & Resistance | Price Range* |
---|---|
3rd High | 1.44352 |
2nd High | 1.44329 |
Next High | 1.44202 |
Current Price | 1.44021 |
Next Low | 1.43744 |
2nd Low | 1.43462 |
3rd Low | 1.43349 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Shooting Star