USD/CAD – 30M – BUYThe currency pair US Dollar/Canadian Dollar (USD/CAD) moves from the bearish trendline down.
A continuation of the downward movement down to the next support line at 1.42222 is likely expected.
Caution: A possible reversal of the trend in the direction of resistance at could be enabled.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Bullish Engulfing’ candlestick pattern is existing. The candles show ‘Bullish Engulfing’. which is a positive 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’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | |
| Current Price | 1.43110 |
| Next Low | 1.42222 |
| 2nd Low | 1.42190 |
| 3rd Low | 1.42165 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bullish Engulfing