USD/CAD – 1H – BUYThe currency pair US Dollar/Canadian Dollar (USD/CAD) breaks through the ascending trendline up.
A continuation of the bullish trend up to the next resistance at 1.43725 will continue.
Caution: A possible counter-trend in the direction of the support level at 1.42760 should be noted.
Consider stop-loss settings accordingly.
In addition a ‘Bullish Belt Hold’ chart pattern is existing. The chart forms ‘Bullish Belt Hold’. this is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Bullish Belt Hold’ heading up is 71% (Bull Market) & 71% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.44513 |
| 2nd High | 1.44012 |
| Next High | 1.43725 |
| Current Price | 1.43783 |
| Next Low | 1.42760 |
| 2nd Low | 1.42591 |
| 3rd Low | 1.42346 |
1.43328 – 1.43286 – 1.43159 – 1.42760 – 1.42591 – 1.42346
Trading Signals: FOREX – USD – USD/CAD – CAD – Bullish Belt Hold