USD/CAD – 30M – BUYThe combination US Dollar/Canadian Dollar (USD/CAD) goes from the bearish trendline downwards
A continuation of the bearish trend downwards to the next support line at 1.43744 is likely expected.
Caution: A possible trend reversal in the direction of resistance at 1.44492 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Three Outside Down’ candle chart pattern is detected. The candles show ‘Three Outside Down’. which is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.44669 |
| Next High | 1.44492 |
| Current Price | 1.44023 |
| Next Low | 1.43744 |
| 2nd Low | 1.43496 |
| 3rd Low | 1.43462 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Down