USD/CAD – 1H – SELLThe combination US Dollar/Canadian Dollar (USD/CAD) goes from the bearish trendline downwards
A continuation of the bearish trend down to the next support at 1.43744 will persist.
Caution: A possible change in the direction of the resistance line at 1.44492 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Bearish Engulfing’ candlestick pattern is discovered. The chart forms ‘Bearish Engulfing’. which is a negative pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.44669 |
| Next High | 1.44492 |
| Current Price | 1.43926 |
| Next Low | 1.43744 |
| 2nd Low | 1.43462 |
| 3rd Low | 1.43349 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing