USD/CAD – 30M – SELLThe pair US Dollar/Canadian Dollar (USD/CAD) moves from the descending trendline down.
A continuation of the downtrend downwards to the next support at 1.39624 is likely expected.
Caution: A possible reversal of the trend in the direction of the resistance line at 1.39842 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend is likely expected. Current target is 1.3955698 at the Fibonacci level 0.24-Level. Caution: A possible reversal of the trend in the direction of support at 1.39842 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Three Black Crows’ candle chart pattern is discovered. The chart forms ‘Three Black Crows’. which is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Black Crows’ going down is 82%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.40363 |
| 2nd High | 1.40142 |
| Next High | 1.39842 |
| Current Price | 1.39700 |
| Next Low | 1.39624 |
| 2nd Low | 1.39308 |
| 3rd Low | 1.39304 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Black Crows