USD/CAD – 4H – SELLThe pair US Dollar/Canadian Dollar (USD/CAD) jumps from the descending trendline downwards
A continuation of the downward movement downwards to the next support at 1.43349 is likely expected.
Caution: A possible reversal of the trend in the direction of resistance at 1.44632 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
Also there is a ‘Three Outside Down’ chart pattern is detected. The chart forms ‘Three Outside Down’. which is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | |
| 2nd High | 1.44669 |
| Next High | 1.44632 |
| Current Price | 1.43089 |
| Next Low | 1.43349 |
| 2nd Low | 1.41193 |
| 3rd Low | 1.40100 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Down