USD/CAD – 30M – SELLIn addition a ‘Head and Shoulder chart pattern’ chart formation is detected. The chart picture shows ‘Head and Shoulder chart pattern’. which is a negative pattern signal. The currency pair is likely to go down.
The pair US Dollar/Canadian Dollar (USD/CAD) moves from the bearish trendline downwards
A continuation of the bearish trend down to the next support level at 1.36378 is likely expected.
Caution: A possible counter-trend in the direction of resistance at 1.36587 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Northern Doji’ candle pattern is existing. The chart shows ‘Northern Doji’. which is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.36823 |
| 2nd High | 1.36671 |
| Next High | 1.36587 |
| Current Price | 1.36333 |
| Next Low | 1.36378 |
| 2nd Low | 1.35907 |
| 3rd Low | 1.35563 |
1.36587 – 1.36671 – 1.36183 – 1.36378 – 1.35907 – 1.35997
Trading Signals: FOREX – USD – USD/CAD – CAD – Northern Doji – Head and Shoulder chart pattern