USD/CAD – 1H – BUYMoreover a ‘Double bottom retreat down’ chart formation is found. The chart forms ‘Double bottom retreat down’. which is a negative pattern signal. The currency pair is likely to fall.
The currency pair US Dollar/Canadian Dollar (USD/CAD) moves from the bullish trendline upwards
A continuation of the upward movement up to the next resistance level at 1.37284 will continue.
Caution: A possible change in the direction of the support zone at 1.36341 is also possible.
In the case of a trade, always set appropriate stop-loss settings.
Moreover a ‘Latter Bottom’ chart pattern is detected. The chart forms ‘Latter Bottom’. this 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 likelyhood of ‘Latter Bottom’ heading up is 56% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.37425 |
| 2nd High | 1.37314 |
| Next High | 1.37284 |
| Current Price | 1.37185 |
| Next Low | 1.36341 |
| 2nd Low | 1.35563 |
| 3rd Low | 1.35395 |
1.36931 – 1.36068 – 1.36514 – 1.36341 – 1.35563 – 1.35395
Trading Signals: FOREX – USD – USD/CAD – CAD – Latter Bottom