USD/CAD – 1H – BUYThe currency pair US Dollar/Canadian Dollar (USD/CAD) goes from the ascending trendline down.
A bearish trend down to the next support line at 1.42165 is considered certain.
Caution: A possible trend reversal in the direction of resistance at 1.42447 could happen.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Three Outside Down’ candlestick chart pattern is detected. The candles show ‘Three Outside Down’. which is a negative chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.42447 |
| Current Price | 1.42278 |
| Next Low | 1.42165 |
| 2nd Low | 1.42092 |
| 3rd Low | 1.41309 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Down