USD/CAD – 1H – BUYThe combination US Dollar/Canadian Dollar (USD/CAD) breaks through the descending trendline up.
A bullish ascent up to the next resistance level at 1.44326 will persist.
Caution: A possible counter-trend in the direction of the support level at 1.43379 could occur.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Bearish SBS White Lines’ candlestick chart pattern is found. The chart forms ‘Bearish SBS White Lines’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish SBS White Lines’ heading down is 56% (Bull Market) & 57% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.44669 |
| 2nd High | 1.44492 |
| Next High | 1.44326 |
| Current Price | 1.44040 |
| Next Low | 1.43379 |
| 2nd Low | 1.43349 |
| 3rd Low | 1.43043 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish SBS White Lines