USD/CAD – 1H – BUYThe combination US Dollar/Canadian Dollar (USD/CAD) breaks through the descending trendline up.
A bullish ascent upwards to the next resistance level at 1.38575 is expected.
Caution: A possible counter-trend in the direction of the support zone at 1.37409 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
Correction of the major bullish trend halted around the Fibonacci 0.7-Level.Continuation of the current ascending trend is expected. Target of the current trend is 1.383255 at the Fibonacci level 0.5-Level. Caution: A possible counter-trend in the direction of the resistance line at 1.38575 could be enabled.
Please make appropriate stop-loss settings in the case of a trade.
Next a ‘Northern Doji’ candle chart pattern is existing. The chart forms ‘Northern Doji’. which is a bullish pattern signal. The currency pair is likely to go up. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Northern Doji’ heading up is 52% (Bull Market) & 51% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.39242 |
| 2nd High | 1.38675 |
| Next High | 1.38575 |
| Current Price | 1.38083 |
| Next Low | 1.37409 |
| 2nd Low | 1.35665 |
| 3rd Low | 1.35561 |
1.38575 – 1.38675 – 1.38637 – 1.37409 – 1.38219 – 1.38164 — 70.036008946352 – 76.41361392942 — 86.679715356487 – 92.528866433004 – 82.499076982212 – 85.293924267023
Trading Signals: FOREX – USD – USD/CAD – CAD – Northern Doji – Double top chart pattern – –