USD/CAD – 30M – BUYThe combination US Dollar/Canadian Dollar (USD/CAD) breaks through the bearish trendline up.
A bullish ascent upwards to the next resistance line at 1.38325 will persist.
Caution: A possible counter-trend in the direction of support at 1.37726 could occur.
In the case of a trade, always set appropriate stop-loss settings.
There is also a ‘Bullish Engulfing’ candlestick pattern is detected. The chart forms ‘Bullish Engulfing’. this is a bullish pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bullish Engulfing’ heading up is 63%.
There is also a ‘Resistance Level’ indicator layout is found. The indicator shows ‘Resistance Level’. which could be a positive chart scenario. The currency pair could go up.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.38620 |
| 2nd High | 1.38448 |
| Next High | 1.38325 |
| Current Price | 1.38340 |
| Next Low | 1.37726 |
| 2nd Low | 1.37631 |
| 3rd Low | 1.37500 |
1.37982 – 1.38325 – 1.38448 – 1.37726 – 1.37809 – 1.37631
Trading Signals: FOREX – USD – USD/CAD – CAD – Bullish Engulfing