USD/CAD – 30M – SELLThe combination US Dollar/Canadian Dollar (USD/CAD) jumps from the bullish trendline down.
A descending movement down to the next support level at 1.43379 is likely expected.
Caution: A possible counter-trend in the direction of the resistance zone at 1.44326 could occur.
Consider stop-loss settings accordingly.
There is also a ‘Bearish Engulfing’ candlestick chart pattern is discovered. The candles form ‘Bearish Engulfing’. this is a bearish pattern signal. 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 | 1.44669 |
| 2nd High | 1.44492 |
| Next High | 1.44326 |
| Current Price | 1.43952 |
| Next Low | 1.43379 |
| 2nd Low | 1.43349 |
| 3rd Low | 1.43043 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing