USD/CAD – 30M – SELLThe currency pair US Dollar/Canadian Dollar (USD/CAD) moves from the descending trendline down.
A continuation of the bearish trend downwards to the next support level at 1.42974 is expected.
Caution: A possible change in the direction of the resistance zone at 1.43654 should always be considered.
Consider stop-loss settings accordingly.
Besides a ‘Three Outside Down’ candle pattern is existing. The candles show ‘Three Outside Down’. 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 probability of ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.44669 |
| 2nd High | 1.44632 |
| Next High | 1.43654 |
| Current Price | 1.43512 |
| Next Low | 1.42974 |
| 2nd Low | 1.42791 |
| 3rd Low | 1.42222 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Down