USD/CAD – 1H – BUYThe currency pair US Dollar/Canadian Dollar (USD/CAD) goes from the ascending trendline down.
The bearish trend downwards to the next support at 1.40100 is expected.
Caution: A possible counter-trend in the direction of resistance at 1.40828 should be noted.
Consider stop-loss settings accordingly.
Moreover a ‘Three Outside Up’ candle pattern is found. The chart shows ‘Three Outside Up’. this 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 ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.41778 |
| 2nd High | 1.40893 |
| Next High | 1.40828 |
| Current Price | 1.40407 |
| Next Low | 1.40100 |
| 2nd Low | 1.40089 |
| 3rd Low | 1.39847 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Up