USD/CAD – 30M – BUYThe currency pair US Dollar/Canadian Dollar (USD/CAD) breaks through the ascending trendline up.
A continuation of the upward movement up to the next resistance line at 1.38293 will continue.
Caution: A possible reversal of the trend in the direction of the support level at 1.37864 is also possible.
Consider stop-loss settings accordingly.
Correction of the major bearish trend broke through the Fibonacci 0.79-Level.Continuation of the current ascending trend will continue. Target of the current trend is 1.38397 at the Fibonacci level 1-Level. Caution: A possible reversal of the trend in the direction of the resistance zone at 1.38293 is also possible.
Consider stop-loss settings accordingly.
There is also a ‘Northern Doji’ candle pattern is existing. The candles form ‘Northern Doji’. this is a bullish chart scenario. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
There is also a ‘Resistance Level’ indicator layout is found. The indicator shows ‘Resistance Level’. this is usually a bullish signal. The currency pair could go up.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.38620 |
| 2nd High | 1.38397 |
| Next High | 1.38293 |
| Current Price | 1.38387 |
| Next Low | 1.37864 |
| 2nd Low | 1.37599 |
| 3rd Low |
1.38293 – 1.38185 – 1.38283 – 1.37864 – 1.37599 – 1.38026
Trading Signals: FOREX – USD – USD/CAD – CAD – Northern Doji