USD/CAD – 4H – BUYThe currency pair US Dollar/Canadian Dollar (USD/CAD) goes from the bearish trendline down.
A continuation of the downtrend down to the next support level at 1.42791 is likely expected.
Caution: A possible change in the direction of resistance at 1.44632 could occur.
In the case of a trade, always set appropriate stop-loss settings.
Besides a ‘Three Outside Up’ chart pattern is found. The chart forms ‘Three Outside Up’. this is a bullish pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.44669 |
| Next High | 1.44632 |
| Current Price | 1.44283 |
| Next Low | 1.42791 |
| 2nd Low | 1.41193 |
| 3rd Low | 1.40100 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Up