USD/CAD – 1H – SELLThe combination US Dollar/Canadian Dollar (USD/CAD) moves from the ascending trendline down.
A bearish trend downwards to the next support level at 1.39981 is certain.
Caution: A possible counter-trend in the direction of resistance at 1.40313 should be noted.
Consider stop-loss settings accordingly.
Also there is a ‘Bearish Engulfing’ candlestick chart pattern is existing. The chart shows ‘Bearish Engulfing’. which is a negative signal. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.41778 |
| Next High | 1.40313 |
| Current Price | 1.39987 |
| Next Low | 1.39981 |
| 2nd Low | 1.39273 |
| 3rd Low | 1.39249 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing