USD/CAD – 1H – SELLAdditionally a ‘Double bottom retreat down’ chart pattern is existing. The formation shows ‘Double bottom retreat down’. which is a negative signal. The currency pair is likely to go down.
The currency pair US Dollar/Canadian Dollar (USD/CAD) moves from the descending trendline down.
A continuation of the bearish trend down to the next support level at 1.35395 is likely expected.
Caution: A possible reversal of the trend in the direction of resistance at 1.36068 should always be considered.
Please make appropriate stop-loss settings in the case of a trade.
Additionally a ‘Northern Doji’ candlestick pattern is found. The candles show ‘Northern Doji’. which is a bullish chart scenario. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Northern Doji’ going 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 | 1.35704 |
| Next Low | 1.35395 |
| 2nd Low | |
| 3rd Low |
1.36068 – 1.36514 – 1.36749 – 1.35395 – 1.35659 – 1.35921
Trading Signals: FOREX – USD – USD/CAD – CAD – Northern Doji