USD/CAD – 1H – SELLThe pair US Dollar/Canadian Dollar (USD/CAD) jumps from the bullish trendline down.
A bearish trend down to the next support at 1.43462 is likely expected.
Caution: A possible counter-trend in the direction of the resistance line at 1.44199 should always be considered.
In the case of a trade, always set appropriate stop-loss settings.
Additionally a ‘Bearish Meeting Lines’ chart pattern is discovered. The chart shows ‘Bearish Meeting Lines’. which is a negative chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bearish Meeting Lines’ heading down is 51% (Bull Market) & 53% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.44352 |
| 2nd High | 1.44329 |
| Next High | 1.44199 |
| Current Price | 1.43942 |
| Next Low | 1.43462 |
| 2nd Low | 1.43349 |
| 3rd Low | 1.43043 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Meeting Lines