USD/CAD – 1H – SELLThe combination US Dollar/Canadian Dollar (USD/CAD) goes from the bullish trendline down.
A bearish descent downwards to the next support level at 1.43827 is likely expected.
Caution: A possible reversal of the trend in the direction of the resistance line at 1.44669 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Last Engulfing Top’ candlestick pattern is found. The chart shows ‘Last Engulfing Top’. 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 chance of ‘Last Engulfing Top’ going down is 68% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.44669 |
| Current Price | 1.44487 |
| Next Low | 1.43827 |
| 2nd Low | 1.43379 |
| 3rd Low | 1.43349 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Last Engulfing Top