USD/CAD – 30M – BUYThe currency pair US Dollar/Canadian Dollar (USD/CAD) moves from the ascending trendline down.
A bearish movement downwards to the next support at 1.38581 is certain.
Caution: A possible reversal of the trend in the direction of resistance at 1.38986 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bullish trend broke the Fibonacci 0.24-Level.Continuation of the current descending trend is certain. Target of the current trend is 1.385115 at the Fibonacci level 0.5-Level. Caution: A possible reversal of the trend in the direction of the support level at 1.38986 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Matching Low’ candlestick chart pattern is discovered. The candles form ‘Matching Low’. 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 chance of ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.39058 |
| 2nd High | 1.39045 |
| Next High | 1.38986 |
| Current Price | 1.38723 |
| Next Low | 1.38581 |
| 2nd Low | 1.38421 |
| 3rd Low | 1.38396 |
1.38986 – 1.39045 – 1.38604 – 1.38581 – 1.38421 – 1.38396
Trading Signals: FOREX – USD – USD/CAD – CAD – Matching Low