USD/CAD – 1H – SELLThe pair US Dollar/Canadian Dollar (USD/CAD) moves from the bearish trendline down.
A continuation of the downward movement down to the next support at 1.43646 is likely expected.
Caution: A possible trend reversal in the direction of the resistance line at 1.44045 is within the realm of possibility.
Consider stop-loss settings accordingly.
There is also a ‘Bearish Engulfing’ candlestick pattern is detected. The chart forms ‘Bearish Engulfing’. which is a bearish chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.44632 |
| 2nd High | 1.44094 |
| Next High | 1.44045 |
| Current Price | 1.43883 |
| Next Low | 1.43646 |
| 2nd Low | 1.43388 |
| 3rd Low | 1.42974 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing