USD/CAD – 4H – BUYThe pair US Dollar/Canadian Dollar (USD/CAD) goes from the bullish trendline downwards
A bearish movement downwards to the next support line at 1.43462 is likely expected.
Caution: A possible trend reversal in the direction of the resistance level at 1.44669 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bullish trend broke through the Fibonacci 0.24-Level.Continuation of the current descending trend is likely expected. Current target is 1.423845 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of the support line at 1.44669 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Matching Low’ candle chart pattern is discovered. The candles show ‘Matching Low’. which is a positive signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.44669 |
| Current Price | 1.43563 |
| Next Low | 1.43462 |
| 2nd Low | 1.43349 |
| 3rd Low | 1.41193 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Matching Low