USD/CAD – 1H – BUYThere is also a ‘Falling Wedge Chart Pattern’ chart formation is detected. The chart picture shows ‘Falling Wedge Chart Pattern’. which is a positive signal. The currency pair is likely to go up.
The combination US Dollar/Canadian Dollar (USD/CAD) breaks through the descending trendline upwards
The bullish trend upwards to the next resistance line at 1.36068 is likely expected.
Caution: A possible reversal of the trend in the direction of the support level at 1.35659 is within the realm of possibility.
In the case of a trade, always set appropriate stop-loss settings.
There is also a ‘Northern Doji’ candle chart pattern is existing. The candles show ‘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 success rate of a ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.36749 |
| 2nd High | 1.36514 |
| Next High | 1.36068 |
| Current Price | 1.35781 |
| Next Low | 1.35659 |
| 2nd Low | |
| 3rd Low |
1.36068 – 1.36514 – 1.36749 – 1.35659 – 1.35921 – 1.36496
Trading Signals: FOREX – USD – USD/CAD – CAD – Northern Doji