USD/CAD – 4H – SELLMoreover a ‘Inverse Head and Shoulder chart pattern’ chart layout is existing. The chart forms ‘Inverse Head and Shoulder chart pattern’. which is a bullish signal. The currency pair is likely to go up.
The combination US Dollar/Canadian Dollar (USD/CAD) jumps from the bullish trendline downwards
A descending movement downwards to the next support at 1.36173 is considered certain.
Caution: A possible reversal of the trend in the direction of the resistance level at 1.37590 could be enabled.
Consider stop-loss settings accordingly.
Moreover a ‘Northern Doji’ chart pattern is discovered. The candles show ‘Northern Doji’. this is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.38613 |
| 2nd High | 1.37977 |
| Next High | 1.37590 |
| Current Price | 1.36456 |
| Next Low | 1.36173 |
| 2nd Low | 1.35395 |
| 3rd Low |
1.37590 – 1.37543 – 1.37977 – 1.36173 – 1.36782 – 1.35395
Trading Signals: FOREX – USD – USD/CAD – CAD – Northern Doji – Inverse Head and Shoulder chart pattern