USD/CAD – 30M – SELLThe currency pair US Dollar/Canadian Dollar (USD/CAD) moves from the bullish trendline down.
A bearish movement downwards to the next support level at 1.43043 will continue.
Caution: A possible trend reversal in the direction of the resistance zone at 1.44669 could occur.
Consider stop-loss settings accordingly.
Next a ‘Last Engulfing Bottom:’ candlestick pattern is discovered. The chart shows ‘Last Engulfing Bottom:’. this is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Last Engulfing Bottom:’ heading down is 65% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.44669 |
| Current Price | 1.43546 |
| Next Low | 1.43043 |
| 2nd Low | 1.42984 |
| 3rd Low | 1.42222 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Last Engulfing Bottom: