USD/CAD – 30M – BUYThe currency pair US Dollar/Canadian Dollar (USD/CAD) jumps from the ascending trendline downwards
A bearish movement down to the next support level at 1.42984 is considered certain.
Caution: A possible trend reversal in the direction of resistance at 1.43314 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Also there is a ‘Three Outside Up’ candlestick chart pattern is existing. The chart forms ‘Three Outside Up’. which is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.43314 |
| Current Price | 1.43237 |
| Next Low | 1.42984 |
| 2nd Low | 1.42222 |
| 3rd Low | 1.42190 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Up