USD/CAD – 30M – SELLThe currency pair US Dollar/Canadian Dollar (USD/CAD) goes from the ascending trendline down.
The bearish trend downwards to the next support at 1.40166 is likely expected.
Caution: A possible reversal of the trend in the direction of resistance at 1.40893 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
And also a ‘Bearish Engulfing’ chart pattern is found. The candles show ‘Bearish Engulfing’. this is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.41449 |
| 2nd High | 1.41279 |
| Next High | 1.40893 |
| Current Price | 1.40410 |
| Next Low | 1.40166 |
| 2nd Low | 1.39847 |
| 3rd Low | 1.39802 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing