USD/CAD – 30M – SELLThe pair US Dollar/Canadian Dollar (USD/CAD) jumps from the ascending trendline down.
The bearish trend down to the next support line at 1.39932 is certain.
Caution: A possible reversal of the trend in the direction of resistance at 1.40195 should always be considered.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Bearish Engulfing’ chart pattern is found. The candles show ‘Bearish Engulfing’. this is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.40195 |
| Current Price | 1.40115 |
| Next Low | 1.39932 |
| 2nd Low | 1.39304 |
| 3rd Low | 1.39249 |