USD/CAD – 1H – BUYMoreover a ‘Falling Wedge Chart Pattern’ chart layout is detected. The chart picture shows ‘Falling Wedge Chart Pattern’. this is a bullish pattern signal. The pair is likely to go up.
The pair US Dollar/Canadian Dollar (USD/CAD) breaks through the descending trendline up.
An ascent up to the next resistance at 1.37462 will persist.
Caution: A possible counter-trend in the direction of support at should always be considered.
Consider stop-loss settings accordingly.
Moreover a ‘Exponential Moving Average 50 (EMA 50)’ indicator layout is found. The indicator is ‘Exponential Moving Average 50 (EMA 50)’. which is often a bullish signal. The currency pair could go up.
Moreover a ‘Bullish Engulfing’ chart pattern is detected. The chart shows ‘Bullish Engulfing’. 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 likelyhood of ‘Bullish Engulfing’ heading up is 63%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.38613 |
| 2nd High | 1.38296 |
| Next High | 1.37462 |
| Current Price | 1.36997 |
| Next Low | |
| 2nd Low | |
| 3rd Low |
1.37462 – 1.36931 – 1.36068 – 1.36341 – 1.35563 – 1.35395
Trading Signals: FOREX – USD – USD/CAD – CAD – Bullish Engulfing