USD/CAD – 30M – SELLCorrection of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend is expected. Current target is 1.39273 at the Fibonacci level 0-Level. Caution: A possible counter-trend in the direction of the support line at 1.40207 is also possible.
Consider stop-loss settings accordingly.
Furthermore a ‘Bearish Engulfing’ chart pattern is found. The chart shows ‘Bearish Engulfing’. which is a negative pattern signal. The 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 | 1.41023 |
| 2nd High | 1.40363 |
| Next High | 1.40207 |
| Current Price | 1.39454 |
| Next Low | 1.39273 |
| 2nd Low | 1.39249 |
| 3rd Low | 1.39166 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing