USD/CAD – 1H – SELLThe pair US Dollar/Canadian Dollar (USD/CAD) goes from the ascending trendline down.
A descent down to the next support level at 1.39304 will continue.
Caution: A possible trend reversal in the direction of resistance at 1.41023 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bullish trend broke through the Fibonacci 0.5-Level.Continuation of the current descending trend will continue. Current target is 1.3963527 at the Fibonacci level 0.79-Level. Caution: A possible trend reversal in the direction of the support level at 1.41023 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Three Black Crows’ candle chart pattern is found. The candles show ‘Three Black Crows’. 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 probability of ‘Three Black Crows’ heading down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.41054 |
| Next High | 1.41023 |
| Current Price | 1.39988 |
| Next Low | 1.39304 |
| 2nd Low | 1.39249 |
| 3rd Low | 1.38418 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Black Crows