USD/CAD – 1H – SELLThe combination US Dollar/Canadian Dollar (USD/CAD) jumps from the ascending trendline downwards
A bearish trend down to the next support at 1.43744 is considered certain.
Caution: A possible counter-trend 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.
Besides a ‘Bearish Engulfing’ candle pattern is found. The chart forms ‘Bearish Engulfing’. which is a bearish chart scenario. The 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 | |
| 2nd High | 1.44669 |
| Next High | 1.44492 |
| Current Price | 1.43865 |
| Next Low | 1.43744 |
| 2nd Low | 1.43462 |
| 3rd Low | 1.43349 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing