USD/CAD – 4H – BUYThe currency pair US Dollar/Canadian Dollar (USD/CAD) jumps from the bullish trendline downwards
A descent downwards to the next support line at 1.43379 is expected.
Caution: A possible counter-trend in the direction of the resistance level at 1.44492 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Bullish Meeting Lines’ candle chart pattern is discovered. The chart forms ‘Bullish Meeting Lines’. which is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Meeting Lines’ heading up is 56% (Bull Market) & 52% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.44669 |
| Next High | 1.44492 |
| Current Price | 1.44327 |
| Next Low | 1.43379 |
| 2nd Low | 1.43349 |
| 3rd Low | 1.41193 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bullish Meeting Lines