USD/CAD – 1H – SELLThe currency pair US Dollar/Canadian Dollar (USD/CAD) jumps from the bearish trendline downwards
A continuation of the downward movement down to the next support line at 1.43379 is likely expected.
Caution: A possible change in the direction of the resistance zone at 1.44093 is within the realm of possibility.
Consider stop-loss settings accordingly.
There is also a ‘Bearish Engulfing’ chart pattern is detected. The chart shows ‘Bearish Engulfing’. which is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.44492 |
| 2nd High | 1.44326 |
| Next High | 1.44093 |
| Current Price | 1.43705 |
| Next Low | 1.43379 |
| 2nd Low | 1.43349 |
| 3rd Low | 1.43043 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing