USD/CAD – 4H – BUYThe combination US Dollar/Canadian Dollar (USD/CAD) goes from the ascending trendline downwards
A bearish descent down to the next support level at 1.43462 is certain.
Caution: A possible counter-trend in the direction of the resistance zone at 1.44669 could occur.
In the case of a trade, always set appropriate stop-loss settings.
And also a ‘Shooting Star’ chart pattern is discovered. The chart shows ‘Shooting Star’. this is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Shooting Star’ heading down is 59% (Bull Market) & 60% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.44669 |
| Current Price | 1.43553 |
| Next Low | 1.43462 |
| 2nd Low | 1.43349 |
| 3rd Low | 1.41193 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Shooting Star