USD/CAD – 30M – SELLThe pair US Dollar/Canadian Dollar (USD/CAD) jumps from the descending trendline downwards
A continuation of the downtrend down to the next support line at 1.38623 is certain.
Caution: A possible reversal of the trend in the direction of the resistance line at 1.38921 could be enabled.
In the case of a trade, always set appropriate stop-loss settings.
Correction of the major bearish trend halted around the Fibonacci 0.5-Level.Continuation of the current descending trend is certain. Target of the current trend is 1.38623272 at the Fibonacci level 0.24-Level. Caution: A possible reversal of the trend in the direction of the support zone at 1.38921 could be enabled.
In the case of a trade, always set appropriate stop-loss settings.
Also there is a ‘Two Crows’ candlestick chart pattern is discovered. The candles show ‘Two Crows’. this is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Two Crows’ heading down is 54% (Bull Market) & 58% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.39045 |
| 2nd High | 1.38986 |
| Next High | 1.38921 |
| Current Price | 1.38678 |
| Next Low | 1.38623 |
| 2nd Low | 1.38493 |
| 3rd Low | 1.38421 |
1.38921 – 1.38986 – 1.39045 – 1.38623 – 1.38493 – 1.38495