USD/CAD – 4H – SELLCorrection of the major bearish trend halted around the Fibonacci 0.79-Level.Continuation of the current descending trend is certain. Current target is 1.38637 at the Fibonacci level 0.5-Level. Caution: A possible reversal of the trend in the direction of support at 1.39774 is also possible.
Please make appropriate stop-loss settings in the case of a trade.
And also a ‘Three Outside Down’ candlestick chart pattern is discovered. The chart shows ‘Three Outside Down’. which is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.44148 |
| 2nd High | 1.42959 |
| Next High | 1.39774 |
| Current Price | 1.39114 |
| Next Low | 1.37500 |
| 2nd Low | |
| 3rd Low |
1.38448 – 1.38620 – 1.39045 – 1.37500 – 1.37599 – 1.37695
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Down