USD/CAD – 30M – BUYThe pair US Dollar/Canadian Dollar (USD/CAD) jumps from the bearish trendline down.
A continuation of the bearish trend downwards to the next support level at 1.42760 will persist.
Caution: A possible change in the direction of resistance at 1.43328 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Additionally a ‘Tweezers Top’ candle pattern is found. The candles form ‘Tweezers Top’. which is a negative chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Tweezers Top’ going down is 56% (Bull Market) & 55% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.43504 |
| 2nd High | 1.43461 |
| Next High | 1.43328 |
| Current Price | 1.43097 |
| 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 – Tweezers Top