USD/CAD – 30M – BUYThe combination US Dollar/Canadian Dollar (USD/CAD) moves from the bullish trendline down.
A bearish descent down to the next support level at 1.42974 is likely expected.
Caution: A possible change in the direction of the resistance zone at 1.43495 should be noted.
Consider stop-loss settings accordingly.
Furthermore a ‘Bearish Harami’ chart pattern is found. The chart forms ‘Bearish Harami’. which is a negative pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Harami’ heading down is 53% (Bull Market) & 50% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.44669 |
| 2nd High | 1.44632 |
| Next High | 1.43495 |
| Current Price | 1.43443 |
| Next Low | 1.42974 |
| 2nd Low | 1.42791 |
| 3rd Low | 1.42222 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Harami