USD/CAD – 30M – BUYCorrection of the major bullish trend halted around the Fibonacci 0.5-Level.Continuation of the current ascending trend is expected. Target of the current trend is 1.4424892 at the Fibonacci level 0.24-Level. Caution: A possible trend reversal in the direction of the resistance zone at 1.44492 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Inverted Hammer’ candlestick chart pattern is existing. The chart forms ‘Inverted Hammer’. this is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Inverted Hammer’ going up is 65% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.44669 |
| Next High | 1.44492 |
| Current Price | 1.44123 |
| Next Low | 1.43744 |
| 2nd Low | 1.43496 |
| 3rd Low | 1.43462 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Inverted Hammer