USD/CAD – 1H – SELLThe combination US Dollar/Canadian Dollar (USD/CAD) goes from the ascending trendline down.
A bearish descent downwards to the next support level at 1.39847 is certain.
Caution: A possible trend reversal in the direction of the resistance level at 1.40893 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Additionally a ‘Bearish Engulfing’ candle pattern is discovered. The chart shows ‘Bearish Engulfing’. which is a negative chart scenario. 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 | 1.40893 |
| Current Price | 1.40444 |
| Next Low | 1.39847 |
| 2nd Low | 1.39802 |
| 3rd Low | 1.39273 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing