USD/CAD – 1H – BUYThe pair US Dollar/Canadian Dollar (USD/CAD) jumps from the bullish trendline down.
A descending movement downwards to the next support level at 1.42165 is certain.
Caution: A possible change in the direction of the resistance line at could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bullish trend halted around the Fibonacci 0-Level.Continuation of the current ascending trend is certain. Target of the current trend is 1.43233 at the Fibonacci level 0-Level. Caution: A possible change in the direction of the resistance line at could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
And also a ‘Bullish Meeting Lines’ candlestick pattern is found. The chart shows ‘Bullish Meeting Lines’. which is a positive pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bullish Meeting Lines’ going up is 56% (Bull Market) & 52% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | |
| Current Price | 1.44165 |
| Next Low | 1.42165 |
| 2nd Low | 1.42092 |
| 3rd Low | 1.41309 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bullish Meeting Lines