USD/CAD – 1H – BUYThe combination US Dollar/Canadian Dollar (USD/CAD) jumps from the bullish trendline down.
A descent down to the next support level at 1.40930 will continue.
Caution: A possible reversal of the trend in the direction of the resistance level at 1.41947 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Bullish Engulfing’ candle pattern is found. The chart shows ‘Bullish Engulfing’. this is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.41947 |
| Current Price | 1.41408 |
| Next Low | 1.40930 |
| 2nd Low | 1.40100 |
| 3rd Low | 1.40089 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bullish Engulfing