USD/CAD – 1H – BUYAlso there is a ‘Double bottom chart pattern’ chart formation is existing. The chart forms ‘Double bottom chart pattern’. which is a positive signal. The currency pair is likely to go up.
The combination US Dollar/Canadian Dollar (USD/CAD) moves from the ascending trendline up.
A continuation of the uptrend up to the next resistance level at 1.37462 will persist.
Caution: A possible change in the direction of the support level at 1.36872 is within the realm of possibility.
Consider stop-loss settings accordingly.
Also there is a ‘Northern Doji’ candlestick chart pattern is found. The chart forms ‘Northern Doji’. which is a positive pattern signal. 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’ going up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.38613 |
| 2nd High | 1.38296 |
| Next High | 1.37462 |
| Current Price | 1.37313 |
| Next Low | 1.36872 |
| 2nd Low | 1.36341 |
| 3rd Low | 1.35563 |
1.37462 – 1.36931 – 1.36068 – 1.36872 – 1.36341 – 1.35563
Trading Signals: FOREX – USD – USD/CAD – CAD – Northern Doji