USD/CAD – 1H – BUYThe currency pair US Dollar/Canadian Dollar (USD/CAD) goes from the bullish trendline down.
A descending movement down to the next support level at 1.43379 will continue.
Caution: A possible reversal of the trend in the direction of resistance at 1.44093 is also possible.
In case of a trade, appropriate stop-loss settings should be considered.
There is also a ‘Bullish Engulfing’ candle chart pattern is discovered. The chart forms ‘Bullish Engulfing’. this is a bullish 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 | 1.44492 |
| 2nd High | 1.44326 |
| Next High | 1.44093 |
| Current Price | 1.44079 |
| Next Low | 1.43379 |
| 2nd Low | 1.43349 |
| 3rd Low | 1.43043 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bullish Engulfing