USD/CAD – 30M – SELLMoreover a ‘Double bottom retreat down’ chart layout is detected. The chart forms ‘Double bottom retreat down’. which is a negative signal. The currency pair is likely to go down.
The currency pair US Dollar/Canadian Dollar (USD/CAD) moves from the ascending trendline down.
A descending movement down to the next support level at 1.38302 is likely expected.
Caution: A possible counter-trend in the direction of the resistance line at 1.38619 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Northern Doji’ candlestick chart pattern is found. The chart forms ‘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 likelyhood of ‘Northern Doji’ going up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.39242 |
| 2nd High | 1.38675 |
| Next High | 1.38619 |
| Current Price | 1.38591 |
| Next Low | 1.38302 |
| 2nd Low | 1.37879 |
| 3rd Low | 1.37583 |
1.38619 – 1.38595 – 1.3811 – 1.38302 – 1.37879 – 1.37583 — 60.09064716786 – 54.848184743137 — 89.353101655454 – 85.318021453772 – 86.165507325039 – 85.967443211305
Trading Signals: FOREX – USD – USD/CAD – CAD – Northern Doji – Double bottom retreat down – –