USD/CAD – 30M – BUYCorrection of the major bullish trend halted around the Fibonacci 0.24-Level.Continuation of the current ascending trend is likely expected. Current target is 1.40828 at the Fibonacci level 0-Level. Caution: A possible reversal of the trend in the direction of the resistance zone at 1.40819 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
In addition a ‘Bullish Engulfing’ chart pattern is found. The candles show ‘Bullish Engulfing’. which is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.40893 |
| 2nd High | 1.40828 |
| Next High | 1.40819 |
| Current Price | 1.40636 |
| Next Low | 1.40089 |
| 2nd Low | 1.39847 |
| 3rd Low | 1.39802 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bullish Engulfing