USD/CAD – 30M – SELLBesides a ‘Head and Shoulder chart pattern’ chart formation is existing. The chart picture forms ‘Head and Shoulder chart pattern’. which is a negative chart scenario. The pair is likely to go down.
The pair US Dollar/Canadian Dollar (USD/CAD) jumps from the bearish trendline down.
A continuation of the downtrend down to the next support at 1.36378 is considered certain.
Caution: A possible reversal of the trend in the direction of the resistance line at 1.36587 could be enabled.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Bullish Belt Hold’ candle chart pattern is found. The chart forms ‘Bullish Belt Hold’. which is a positive 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 Belt Hold’ going up is 71% (Bull Market) & 71% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.36823 |
| 2nd High | 1.36671 |
| Next High | 1.36587 |
| Current Price | 1.36502 |
| Next Low | 1.36378 |
| 2nd Low | 1.35907 |
| 3rd Low | 1.35563 |
1.36587 – 1.36671 – 1.36183 – 1.36378 – 1.35907 – 1.35997
Trading Signals: FOREX – USD – USD/CAD – CAD – Bullish Belt Hold – Head and Shoulder chart pattern