USD/CAD – 1H – SELLThe pair US Dollar/Canadian Dollar (USD/CAD) goes from the bearish trendline downwards
A continuation of the bearish trend downwards to the next support level at 1.37927 will persist.
Caution: A possible reversal of the trend in the direction of resistance at 1.38613 should be noted.
In the case of a trade, always set appropriate stop-loss settings.
In addition a ‘Two Crows’ candlestick pattern is detected. The chart shows ‘Two Crows’. this is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Two Crows’ going down is 54% (Bull Market) & 58% (Bear Market).
In addition a ‘Double top chart pattern’ chart formation is discovered. The chart picture shows ‘Double top chart pattern’. which is a negative signal. The currency pair is likely to fall.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.39058 |
| 2nd High | 1.38689 |
| Next High | 1.38613 |
| Current Price | 1.38045 |
| Next Low | 1.37927 |
| 2nd Low | 1.37806 |
| 3rd Low |
1.38613 – 1.38492 – 1.38689 – 1.37927 – 1.37806 – 1.38278