USD/CAD – 1H – SELLThe combination US Dollar/Canadian Dollar (USD/CAD) moves from the bullish trendline downwards
A bearish trend downwards to the next support level at 1.40328 is likely expected.
Caution: A possible trend reversal in the direction of resistance at 1.41054 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
And also a ‘Bearish Engulfing’ candlestick chart pattern is detected. The candles form ‘Bearish Engulfing’. which is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.41054 |
| Current Price | 1.40874 |
| Next Low | 1.40328 |
| 2nd Low | 1.39304 |
| 3rd Low | 1.39249 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing