USD/CAD – 4H – SELLThe currency pair US Dollar/Canadian Dollar (USD/CAD) goes from the descending trendline downwards
A continuation of the downward movement downwards to the next support line at 1.37599 is likely expected.
Caution: A possible change in the direction of the resistance line at 1.38620 should be noted.
Please make appropriate stop-loss settings in the case of a trade.
Additionally a ‘Three Outside Down’ candlestick chart pattern is detected. The candles form ‘Three Outside Down’. this is a bearish pattern signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Down’ going down is 69% (Bull Market) & 70% (Bear Market).
Additionally a ‘Support Level’ indicator signal is found. The indicator is ‘Support Level’. which is often a bearish signal. The currency pair is likely to fall.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.39774 |
| 2nd High | 1.39045 |
| Next High | 1.38620 |
| Current Price | 1.37715 |
| Next Low | 1.37599 |
| 2nd Low | |
| 3rd Low |
1.38620 – 1.39045 – 1.39774 – 1.37599 – 1.37695 – 1.37806
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Down