USD/CAD – 4H – BUYThe combination US Dollar/Canadian Dollar (USD/CAD) breaks through the descending trendline upwards
An ascent up to the next resistance level at 1.44094 is likely expected.
Caution: A possible change in the direction of the support level at 1.42791 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Next a ‘Bullish Engulfing’ candlestick pattern is existing. The chart forms ‘Bullish Engulfing’. which is a positive signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ going up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.44669 |
| 2nd High | 1.44632 |
| Next High | 1.44094 |
| Current Price | 1.43987 |
| Next Low | 1.42791 |
| 2nd Low | 1.41193 |
| 3rd Low | 1.40100 |
Trading Signals: FOREX – USD – USD/CAD – CAD – Bullish Engulfing