USD/CAD – 30M – BUYThe currency pair US Dollar/Canadian Dollar (USD/CAD) breaks through the bullish trendline upwards
A continuation of the uptrend upwards to the next resistance line at 1.44632 is certain.
Caution: A possible reversal of the trend in the direction of support at 1.43388 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bearish trend broke the Fibonacci 0.5-Level.Continuation of the current ascending trend is certain. Current target is 1.44238026 at the Fibonacci level 0.79-Level. Caution: A possible reversal of the trend in the direction of the resistance level at 1.44632 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Inverted Hammer’ chart pattern is found. The candles form ‘Inverted Hammer’. which is a positive chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Inverted Hammer’ heading up is 65% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.44669 |
| Next High | 1.44632 |
| Current Price | 1.43900 |
| Next Low | 1.43388 |
| 2nd Low | 1.42974 |
| 3rd Low | 1.42791 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Inverted Hammer