USD/CAD – 30M – SELLCorrection of the major bearish trend halted around the Fibonacci 0.24-Level.Continuation of the current descending trend is considered certain. Target of the current trend is 1.42791 at the Fibonacci level 0-Level. Caution: A possible change in the direction of the support level at 1.43495 should be noted.
In case of a trade, appropriate stop-loss settings should be considered.
Moreover a ‘Bearish Engulfing’ candle pattern is discovered. The candles form ‘Bearish Engulfing’. which is a negative pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.44669 |
| 2nd High | 1.44632 |
| Next High | 1.43495 |
| Current Price | 1.43139 |
| Next Low | 1.42791 |
| 2nd Low | 1.42222 |
| 3rd Low | 1.42190 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing