USD/CAD – 1H – BUYThe currency pair US Dollar/Canadian Dollar (USD/CAD) breaks through the bullish trendline up.
A continuation of the upward movement upwards to the next resistance level at is likely expected.
Caution: A possible change in the direction of support at 1.42165 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Then a ‘Bullish Engulfing’ candle pattern is found. The candles form ‘Bullish Engulfing’. which is a positive pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | |
| Current Price | 1.42945 |
| Next Low | 1.42165 |
| 2nd Low | 1.42092 |
| 3rd Low | 1.41309 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bullish Engulfing