USD/CAD – 30M – BUYThe combination US Dollar/Canadian Dollar (USD/CAD) jumps from the ascending trendline downwards
A bearish descent down to the next support at 1.43687 is considered certain.
Caution: A possible counter-trend in the direction of the resistance level at 1.44093 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Correction of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend is considered certain. Current target is 1.439355 at the Fibonacci level 0.5-Level. Caution: A possible counter-trend in the direction of the support line at 1.44093 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Furthermore a ‘Matching Low’ candlestick pattern is existing. The chart forms ‘Matching Low’. which is a positive chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.44492 |
| 2nd High | 1.44326 |
| Next High | 1.44093 |
| Current Price | 1.44023 |
| Next Low | 1.43687 |
| 2nd Low | 1.43633 |
| 3rd Low | 1.43379 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Matching Low