USD/CAD – 1H – BUYCorrection of the major bullish trend halted around the Fibonacci 0.7-Level.Continuation of the current ascending trend will persist. Target of the current trend is 1.38486 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of resistance at 1.38922 should always be considered.
Consider stop-loss settings accordingly.
Besides a ‘Northern Doji’ candlestick chart pattern is detected. The candles show ‘Northern Doji’. which is a positive pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Northern Doji’ going up is 52% (Bull Market) & 51% (Bear Market).
Besides a ‘Double top chart pattern’ chart formation is existing. The chart picture shows ‘Double top chart pattern’. which is a negative chart scenario. The pair is likely to go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.39045 |
| 2nd High | 1.38986 |
| Next High | 1.38922 |
| Current Price | 1.38464 |
| Next Low | 1.38396 |
| 2nd Low | 1.37978 |
| 3rd Low | 1.37927 |
1.38922 – 1.38921 – 1.38986 – 1.38493 – 1.38396 – 1.37978
Trading Signals: FOREX – USD – USD/CAD – CAD – Northern Doji