USD/CAD – 1H – BUYCorrection of the major bullish trend halted around the Fibonacci 0.5-Level.Continuation of the current ascending trend is certain. Current target is 1.44060828 at the Fibonacci level 0.24-Level. Caution: A possible counter-trend in the direction of the resistance zone at 1.44352 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
In addition a ‘Bullish Engulfing’ candle chart pattern is existing. The chart shows ‘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 chance of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.44669 |
| Next High | 1.44352 |
| Current Price | 1.43652 |
| Next Low | 1.43439 |
| 2nd Low | 1.43043 |
| 3rd Low | 1.42165 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bullish Engulfing