USD/CAD – 30M – BUYBesides a ‘Double top chart pattern’ chart pattern is discovered. The chart picture forms ‘Double top chart pattern’. which is a bearish pattern signal. The pair is likely to go down.
The combination US Dollar/Canadian Dollar (USD/CAD) moves from the bearish trendline up.
A bullish trend up to the next resistance line at 1.36900 is considered certain.
Caution: A possible counter-trend in the direction of the support zone at 1.36342 should always be considered.
Consider stop-loss settings accordingly.
Besides a ‘Bullish Belt Hold’ candle chart pattern is detected. The chart shows ‘Bullish Belt Hold’. 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 success rate of a ‘Bullish Belt Hold’ going up is 71% (Bull Market) & 71% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.37284 |
| 2nd High | 1.36926 |
| Next High | 1.36900 |
| Current Price | 1.36587 |
| Next Low | 1.36342 |
| 2nd Low | |
| 3rd Low |
1.36900 – 1.36926 – 1.37284 – 1.36633 – 1.36676 – 1.36704
Trading Signals: FOREX – USD – USD/CAD – CAD – Bullish Belt Hold