USD/CAD – 30M – BUYThe currency pair US Dollar/Canadian Dollar (USD/CAD) breaks through the descending trendline upwards
A bullish trend upwards to the next resistance line at 1.44038 is expected.
Caution: A possible change in the direction of the support level at 1.43875 is within the realm of possibility.
Consider stop-loss settings accordingly.
Next a ‘Three Outside Up’ candlestick chart pattern is found. The chart shows ‘Three Outside Up’. this is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Three Outside Up’ going up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.44094 |
| 2nd High | 1.44045 |
| Next High | 1.44038 |
| Current Price | 1.44042 |
| Next Low | 1.43875 |
| 2nd Low | 1.43646 |
| 3rd Low | 1.43388 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Up