USD/CAD – 30M – SELLCorrection 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 1.38014388 at the Fibonacci level 0.24-Level. Caution: A possible counter-trend in the direction of the support zone at 1.38613 could happen.
Consider stop-loss settings accordingly.
Besides a ‘Exponential Moving Average 50 (EMA 50)’ indicator layout is found. The indicator shows ‘Exponential Moving Average 50 (EMA 50)’. which is often a bearish signal. The currency pair could go down.
Besides a ‘Three Outside Down’ candlestick chart pattern is detected. The candles form ‘Three Outside Down’. 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 likelyhood of ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
Besides a ‘Double top chart pattern’ chart formation is discovered. The chart shows ‘Double top chart pattern’. which is a bearish signal. The currency pair is likely to fall.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.39058 |
| 2nd High | 1.38689 |
| Next High | 1.38613 |
| Current Price | 1.38116 |
| Next Low | |
| 2nd Low | |
| 3rd Low |
1.38613 – 1.38454 – 1.38492 – 1.37966 – 1.37927 – 1.37806
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Down