USD/CAD – 4H – BUYThe pair US Dollar/Canadian Dollar (USD/CAD) jumps from the bullish trendline downwards
A bearish descent downwards to the next support level at 1.43379 is expected.
Caution: A possible reversal of the trend in the direction of resistance at 1.44632 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Then a ‘Three Outside Up’ candlestick chart pattern is discovered. The chart shows ‘Three Outside Up’. which is a bullish pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.44669 |
| Next High | 1.44632 |
| Current Price | 1.43408 |
| Next Low | 1.43379 |
| 2nd Low | 1.43349 |
| 3rd Low | 1.41193 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Up