USD/CAD – 30M – BUYThe combination US Dollar/Canadian Dollar (USD/CAD) moves from the bearish trendline down.
A continuation of the downward movement down to the next support line at 1.40089 will continue.
Caution: A possible counter-trend in the direction of the resistance level at 1.40639 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
And also a ‘Bullish Engulfing’ candlestick pattern is discovered. The candles show ‘Bullish Engulfing’. which is a bullish signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.41279 |
| 2nd High | 1.40893 |
| Next High | 1.40639 |
| Current Price | 1.40398 |
| Next Low | 1.40089 |
| 2nd Low | 1.39847 |
| 3rd Low | 1.39802 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bullish Engulfing