USD/CAD – 30M – SELLCorrection of the major bullish trend broke the Fibonacci 0.5-Level.Continuation of the current descending trend is likely expected. Current target is 1.4327709 at the Fibonacci level 0.79-Level. Caution: A possible change in the direction of the support level at 1.44012 could happen.
Please make appropriate stop-loss settings in the case of a trade.
And also a ‘Three Outside Down’ candle pattern is found. The chart forms ‘Three Outside Down’. which is a negative chart scenario. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.44513 |
| 2nd High | 1.44361 |
| Next High | 1.44012 |
| Current Price | 1.43442 |
| Next Low | 1.43132 |
| 2nd Low | 1.43124 |
| 3rd Low | 1.43077 |
1.43436 – 1.44012 – 1.43485 – 1.43132 – 1.43142 – 1.43124
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Down