USD/CAD – 1H – SELL

The currency pair US Dollar/Canadian Dollar (USD/CAD) moves from the ascending trendline downwards

A descending movement downwards to the next support line at 1.36692 is considered certain.

Caution: A possible trend reversal in the direction of resistance at 1.37071 could happen.
In case of a trade, appropriate stop-loss settings should be considered.

Additionally a ‘Exponential Moving Average 200 (EMA 200)’ indicator layout is discovered. The indicator shows ‘Exponential Moving Average 200 (EMA 200)’. which is often a bearish chart scenario. The currency pair is likely to fall.

Additionally a ‘Resistance Level’ indicator signal is existing. The indicator shows ‘Resistance Level’. this is usually a bearish chart scenario. The pair is likely to go down.

Correction of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend is considered certain. Target of the current trend is 1.36828 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of support at 1.37071 could happen.
In case of a trade, appropriate stop-loss settings should be considered.

Additionally a ‘Three Outside Down’ candle pattern is found. The chart forms ‘Three Outside Down’. which is a negative signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).

1.37071 – 1.37041 – 1.36760 – 1.36692 – 1.36342 – 1.36521

Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Down