USD/CAD – 30M – BUYThe currency pair US Dollar/Canadian Dollar (USD/CAD) jumps from the descending trendline downwards
A continuation of the downtrend down to the next support level at 1.38497 is expected.
Caution: A possible change in the direction of resistance at 1.39085 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend is expected. Target of the current trend is 1.38650868 at the Fibonacci level 0.24-Level. Caution: A possible change in the direction of support at 1.39085 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Also there is a ‘Last Engulfing Top’ chart pattern is discovered. The chart forms ‘Last Engulfing Top’. which is a negative signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Last Engulfing Top’ heading down is 68% (Bull Market) & 67% (Bear Market).
Also there is a ‘Resistance Level’ indicator layout is discovered. The indicator is ‘Resistance Level’. which is often a bearish chart scenario. The pair is likely to go down.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.39330 |
| 2nd High | 1.39107 |
| Next High | 1.39085 |
| Current Price | 1.38864 |
| Next Low | 1.38497 |
| 2nd Low | 1.38282 |
| 3rd Low |
1.39085 – 1.39107 – 1.39330 – 1.38497 – 1.38282 – 1.38389
Trading Signals: FOREX – USD – USD/CAD – CAD – Last Engulfing Top