USD/CAD – 4H – BUYThe pair US Dollar/Canadian Dollar (USD/CAD) jumps from the bullish trendline down.
A descending movement down to the next support at 1.42791 is certain.
Caution: A possible trend reversal in the direction of the resistance line at 1.44632 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Bullish Engulfing’ candle chart pattern is existing. The candles show ‘Bullish Engulfing’. this is a bullish signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.44669 |
| Next High | 1.44632 |
| Current Price | 1.43665 |
| Next Low | 1.42791 |
| 2nd Low | 1.41193 |
| 3rd Low | 1.40100 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bullish Engulfing