USD/CAD – 30M – SELLThe combination US Dollar/Canadian Dollar (USD/CAD) moves from the descending trendline down.
A continuation of the bearish trend down to the next support level at 1.43875 is expected.
Caution: A possible change in the direction of the resistance line at 1.44632 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Bearish Engulfing’ candlestick chart pattern is discovered. The candles form ‘Bearish Engulfing’. which is a negative signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.44669 |
| Next High | 1.44632 |
| Current Price | 1.44097 |
| Next Low | 1.43875 |
| 2nd Low | 1.43646 |
| 3rd Low | 1.43388 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing