USD/CAD – 30M – BUYThe combination US Dollar/Canadian Dollar (USD/CAD) breaks through the descending trendline up.
A bullish movement upwards to the next resistance line at 1.38010 is expected.
Caution: A possible reversal of the trend in the direction of the support line at 1.37695 could happen.
In the case of a trade, always set appropriate stop-loss settings.
There is also a ‘Above the Stomach’ candle chart pattern is found. The chart shows ‘Above the Stomach’. which is a positive chart scenario. The pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the chance of ‘Above the Stomach’ heading up is 66% (Bull Market) & 67% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.38671 |
| 2nd High | 1.38552 |
| Next High | 1.38010 |
| Current Price | 1.38017 |
| Next Low | 1.37695 |
| 2nd Low | |
| 3rd Low |
1.38010 – 1.38552 – 1.38458 – 1.37695 – 1.38169 – 1.38161
Trading Signals: FOREX – USD – USD/CAD – CAD – Above the Stomach