USD/CAD – 30M – BUYFurthermore a ‘Double bottom chart pattern’ chart layout is found. The formation shows ‘Double bottom chart pattern’. which is a bullish chart scenario. The currency pair is likely to rise.
The pair US Dollar/Canadian Dollar (USD/CAD) breaks through the descending trendline up.
A bullish ascent upwards to the next resistance at 1.38057 is certain.
Caution: A possible change in the direction of the support level at 1.37826 should be noted.
Consider stop-loss settings accordingly.
Furthermore a ‘Exponential Moving Average 200 (EMA 200)’ indicator signal is found. The indicator is ‘Exponential Moving Average 200 (EMA 200)’. which could be a positive signal. The pair is likely to go up.
Furthermore a ‘Support Level’ indicator layout is discovered. The indicator is ‘Support Level’. which is often a bullish chart signal. The currency pair could go up.
Correction of the major bullish trend halted around the Fibonacci 0.7-Level.Continuation of the current ascending trend is certain. Current target is 1.37992 at the Fibonacci level 0.5-Level. Caution: A possible change in the direction of the resistance zone at 1.38057 should be noted.
Consider stop-loss settings accordingly.
Furthermore a ‘Northern Doji’ candlestick pattern is found. The candles form ‘Northern Doji’. which is a positive pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Northern Doji’ going up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.38675 |
| 2nd High | 1.38575 |
| Next High | 1.38057 |
| Current Price | 1.38083 |
| Next Low | 1.37826 |
| 2nd Low | 1.37409 |
| 3rd Low | 1.36012 |
1.38057 – 1.37877 – 1.38575 – 1.37826 – 1.37877 – 1.37409 — 51.780374963373 – 54.539836292965 — 75.913704428565 – 75.913704428565 – 75.017174635397 – 73.663343631112
Trading Signals: FOREX – USD – USD/CAD – CAD – Northern Doji – Double bottom chart pattern – –