USD/CAD – 4H – BUYThe combination US Dollar/Canadian Dollar (USD/CAD) jumps from the bullish trendline downwards
A bearish descent downwards to the next support line at 1.41193 is certain.
Caution: A possible change in the direction of the resistance zone at 1.44669 is within the realm of possibility.
Please make appropriate stop-loss settings in the case of a trade.
Moreover a ‘Matching Low’ candlestick pattern is discovered. The chart forms ‘Matching Low’. which is a bullish signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Matching Low’ going up is 61% (Bull & Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.44669 |
| Current Price | 1.43818 |
| Next Low | 1.41193 |
| 2nd Low | 1.40100 |
| 3rd Low | 1.39802 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Matching Low