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 at 1.43646 is considered certain.
Caution: A possible trend reversal in the direction of resistance at 1.44045 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Bearish Engulfing’ candlestick chart pattern is existing. The chart forms ‘Bearish Engulfing’. which is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.44632 |
| 2nd High | 1.44094 |
| Next High | 1.44045 |
| Current Price | 1.43949 |
| Next Low | 1.43646 |
| 2nd Low | 1.43388 |
| 3rd Low | 1.42974 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing