USD/CAD – 30M – SELLThe combination US Dollar/Canadian Dollar (USD/CAD) jumps from the bullish trendline downwards
A descending movement down to the next support line at 1.43827 is considered certain.
Caution: A possible reversal of the trend in the direction of the resistance line at 1.44632 could happen.
In the case of a trade, always set appropriate stop-loss settings.
Next a ‘Bearish Engulfing’ candlestick pattern is found. The candles show ‘Bearish Engulfing’. this is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.44669 |
| Next High | 1.44632 |
| Current Price | 1.44327 |
| Next Low | 1.43827 |
| 2nd Low | 1.43687 |
| 3rd Low | 1.43633 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing