USD/CAD – 30M – SELLThe combination US Dollar/Canadian Dollar (USD/CAD) jumps from the bearish trendline down.
A continuation of the downward movement downwards to the next support line at 1.39508 is likely expected.
Caution: A possible counter-trend in the direction of the resistance zone at 1.40198 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bearish trend halted around the Fibonacci 0-Level.Continuation of the current descending trend is likely expected. Current target is 1.39981 at the Fibonacci level 0-Level. Caution: A possible counter-trend in the direction of support at 1.40198 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Then a ‘Bearish Engulfing’ candlestick chart pattern is found. The chart forms ‘Bearish Engulfing’. which is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood 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 | 1.39873 |
| Next Low | 1.39508 |
| 2nd Low | 1.39273 |
| 3rd Low | 1.39249 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing