USD/CAD – 30M – SELLCorrection of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend is considered certain. Current target is 1.39981 at the Fibonacci level 0-Level. Caution: A possible trend reversal in the direction of the support line at 1.40198 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
In addition a ‘Bearish Engulfing’ chart pattern is found. The chart shows ‘Bearish Engulfing’. which 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 probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.40651 |
| 2nd High | 1.40313 |
| Next High | 1.40198 |
| Current Price | 1.40090 |
| Next Low | 1.39981 |
| 2nd Low | 1.39508 |
| 3rd Low | 1.39273 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing