USD/CAD – 1H – BUYThe currency pair US Dollar/Canadian Dollar (USD/CAD) breaks through the ascending trendline up.
A continuation of the upward movement up to the next resistance line at 1.41778 will continue.
Caution: A possible change in the direction of the support line at 1.40100 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Correction of the major bullish trend halted around the Fibonacci 0-Level.Continuation of the current ascending trend will continue. Target of the current trend is 1.40893 at the Fibonacci level 0-Level. Caution: A possible change in the direction of the resistance level at 1.41778 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
There is also a ‘Inverted Hammer’ candlestick chart pattern is found. The chart shows ‘Inverted Hammer’. this 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 ‘Inverted Hammer’ heading up is 65% (Bull Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.41778 |
| Current Price | 1.41379 |
| Next Low | 1.40100 |
| 2nd Low | 1.40089 |
| 3rd Low | 1.39847 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Inverted Hammer