USD/CAD – 4H – BUYCorrection of the major bullish trend halted around the Fibonacci 0.24-Level.Continuation of the current ascending trend is expected. Target of the current trend is 1.41778 at the Fibonacci level 0-Level. Caution: A possible reversal of the trend in the direction of resistance at 1.41778 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
In addition a ‘Bullish Engulfing’ candlestick pattern is discovered. The chart forms ‘Bullish Engulfing’. this is a bullish signal. The currency pair is likely to go up. 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 | |
| 2nd High | |
| Next High | 1.41778 |
| Current Price | 1.41218 |
| Next Low | 1.40100 |
| 2nd Low | 1.39802 |
| 3rd Low | 1.39273 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bullish Engulfing