USD/CAD – 1H – SELLThe combination US Dollar/Canadian Dollar (USD/CAD) jumps from the ascending trendline downwards
A descending movement downwards to the next support level at 1.38497 is expected.
Caution: A possible reversal of the trend in the direction of resistance at 1.39774 is within the realm of possibility.
Consider stop-loss settings accordingly.
And also a ‘Three Black Crows’ candlestick pattern is detected. The candles show ‘Three Black Crows’. which is a bearish pattern signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Black Crows’ going down is 82%.
And also a ‘Double top chart pattern’ chart formation is found. The formation shows ‘Double top chart pattern’. which is a bearish chart scenario. The currency pair is likely to fall.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.42959 |
| 2nd High | 1.42734 |
| Next High | 1.39774 |
| Current Price | 1.38595 |
| Next Low | 1.38497 |
| 2nd Low | 1.38282 |
| 3rd Low |
1.39774 – 1.39107 – 1.42734 – 1.38497 – 1.38282 – 1.38389
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Black Crows