USD/CAD – 30M – SELLThe combination US Dollar/Canadian Dollar (USD/CAD) jumps from the descending trendline down.
A continuation of the downward movement downwards to the next support line at 1.40336 will continue.
Caution: A possible change in the direction of the resistance zone at 1.40775 should be noted.
Consider stop-loss settings accordingly.
There is also a ‘Bearish Engulfing’ candle pattern is found. The chart forms ‘Bearish Engulfing’. this is a bearish signal. The currency pair is likely to fall. 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 | 1.41449 |
| 2nd High | 1.41279 |
| Next High | 1.40775 |
| Current Price | 1.40272 |
| Next Low | 1.40336 |
| 2nd Low | 1.39508 |
| 3rd Low | 1.39273 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing