USD/CAD – 30M – BUYThe combination US Dollar/Canadian Dollar (USD/CAD) breaks through the descending trendline upwards
A bullish ascent upwards to the next resistance line at 1.44199 is likely expected.
Caution: A possible trend reversal in the direction of the support level at 1.43496 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bearish trend broke the Fibonacci 0.5-Level.Continuation of the current ascending trend is likely expected. Current target is 1.44143462 at the Fibonacci level 0.79-Level. Caution: A possible trend reversal in the direction of the resistance level at 1.44199 could happen.
In case of a trade, appropriate stop-loss settings should be considered.
Then a ‘Three Outside Up’ candle chart pattern is found. The candles form ‘Three Outside Up’. this is a bullish signal. 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 | 1.44352 |
| 2nd High | 1.44329 |
| Next High | 1.44199 |
| Current Price | 1.43977 |
| Next Low | 1.43496 |
| 2nd Low | 1.43462 |
| 3rd Low | 1.43349 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Up