USD/CAD – 30M – SELLThe pair US Dollar/Canadian Dollar (USD/CAD) jumps from the descending trendline downwards
A continuation of the bearish trend downwards to the next support line at 1.40437 is expected.
Caution: A possible trend reversal in the direction of the resistance line at 1.41279 is also possible.
Consider stop-loss settings accordingly.
Also there is a ‘Bearish Engulfing’ candlestick pattern is detected. The candles show ‘Bearish Engulfing’. this 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 chance of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.41778 |
| 2nd High | 1.41449 |
| Next High | 1.41279 |
| Current Price | 1.40701 |
| Next Low | 1.40437 |
| 2nd Low | 1.39508 |
| 3rd Low | 1.39273 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing