USD/CAD – 30M – SELLThe pair US Dollar/Canadian Dollar (USD/CAD) jumps from the ascending trendline down.
A descending movement down to the next support level at 1.42165 is likely expected.
Caution: A possible trend reversal in the direction of resistance at 1.42447 could be enabled.
Consider stop-loss settings accordingly.
And also a ‘Bearish Engulfing’ candlestick chart pattern is discovered. The candles form ‘Bearish Engulfing’. which is a bearish chart scenario. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.42447 |
| Current Price | 1.42405 |
| Next Low | 1.42165 |
| 2nd Low | 1.42092 |
| 3rd Low | 1.41309 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing