USD/CAD – 30M – BUYThe currency pair US Dollar/Canadian Dollar (USD/CAD) moves from the bullish trendline down.
A bearish descent down to the next support level at 1.40166 will persist.
Caution: A possible trend reversal in the direction of the resistance zone at 1.40651 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Matching Low’ candlestick pattern is detected. The chart forms ‘Matching Low’. which is a bullish pattern signal. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Matching Low’ heading up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.41279 |
| 2nd High | 1.40775 |
| Next High | 1.40651 |
| Current Price | 1.40544 |
| Next Low | 1.40166 |
| 2nd Low | 1.39847 |
| 3rd Low | 1.39802 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Matching Low