USD/CAD – 1H – BUYThe currency pair US Dollar/Canadian Dollar (USD/CAD) jumps from the bearish trendline down.
A continuation of the bearish trend downwards to the next support at 1.38396 is considered certain.
Caution: A possible reversal of the trend in the direction of the resistance level at 1.38986 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bullish trend broke through the Fibonacci 0.24-Level.Continuation of the current descending trend is considered certain. Target of the current trend is 1.384255 at the Fibonacci level 0.5-Level. Caution: A possible reversal of the trend in the direction of the support line at 1.38986 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Southern Doji’ chart pattern is discovered. The candles form ‘Southern Doji’. which is a positive signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Southern Doji’ going up is 51% (Bull Market) & 52% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.39058 |
| 2nd High | 1.39045 |
| Next High | 1.38986 |
| Current Price | 1.38725 |
| Next Low | 1.38396 |
| 2nd Low | 1.37978 |
| 3rd Low | 1.37927 |
1.38986 – 1.39045 – 1.38613 – 1.38396 – 1.37978 – 1.37927
Trading Signals: FOREX – USD – USD/CAD – CAD – Southern Doji