USD/CAD – 1H – BUYThe combination US Dollar/Canadian Dollar (USD/CAD) moves from the descending trendline downwards
A continuation of the bearish trend downwards to the next support line at 1.40089 is certain.
Caution: A possible reversal of the trend in the direction of resistance at 1.40893 could occur.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend is certain. Current target is 1.40268336 at the Fibonacci level 0.24-Level. Caution: A possible reversal of the trend in the direction of the support line at 1.40893 could occur.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Matching Low’ candlestick pattern is existing. The candles show ‘Matching Low’. which is a positive chart scenario. 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 | |
| 2nd High | 1.41778 |
| Next High | 1.40893 |
| Current Price | 1.40627 |
| Next Low | 1.40089 |
| 2nd Low | 1.39847 |
| 3rd Low | 1.39802 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Matching Low