USD/CAD – 1H – SELLThe combination US Dollar/Canadian Dollar (USD/CAD) jumps from the bearish trendline down.
A continuation of the downtrend downwards to the next support at 1.34929 is certain.
Caution: A possible trend reversal in the direction of the resistance line at 1.36856 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Furthermore a ‘Support Level’ indicator signal is discovered. The indicator shows ‘Support Level’. which could be a negative chart signal. The pair is likely to go down.
Furthermore a ‘Bearish Engulfing’ candlestick chart pattern is detected. The candles form ‘Bearish Engulfing’. which is a bearish signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.37389 |
| 2nd High | 1.37022 |
| Next High | 1.36856 |
| Current Price | 1.36532 |
| Next Low | 1.34929 |
| 2nd Low | 1.34812 |
| 3rd Low |
1.36856 – 1.37022 – 1.35777 – 1.34929 – 1.34812 – 1.35354 —
1.36504 – 1.36637 —
46.769840950642 – 58.729092734244 —
– —
1.36856 – 1770120000
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing – – – – – – – – –