USD/CAD – 4H – BUYThe combination US Dollar/Canadian Dollar (USD/CAD) goes from the bullish trendline downwards
A bearish trend downwards to the next support line at 1.43349 is likely expected.
Caution: A possible reversal of the trend in the direction of the resistance line at 1.44669 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Correction of the major bullish trend halted around the Fibonacci 0.24-Level.Continuation of the current ascending trend is likely expected. Target of the current trend is 1.44669 at the Fibonacci level 0-Level. Caution: A possible reversal of the trend in the direction of the resistance line at 1.44669 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
And also a ‘Three Outside Up’ candle pattern is detected. The chart shows ‘Three Outside Up’. this is a bullish chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | |
| Next High | 1.44669 |
| Current Price | 1.43991 |
| Next Low | 1.43349 |
| 2nd Low | 1.41193 |
| 3rd Low | 1.40100 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Up