USD/CAD – 1H – SELL

The currency pair US Dollar/Canadian Dollar (USD/CAD) moves from the descending trendline downwards

A continuation of the downtrend down to the next support line at 1.37852 is considered certain.

Caution: A possible change in the direction of the resistance level at 1.38445 could be enabled.
Consider stop-loss settings accordingly.

Correction of the major bullish trend broke the Fibonacci 0.79-Level.Continuation of the current descending trend is considered certain. Current target is 1.37852 at the Fibonacci level 1-Level. Caution: A possible change in the direction of the support zone at 1.38445 could be enabled.
Consider stop-loss settings accordingly.

Furthermore a ‘Three Outside Down’ candlestick pattern is found. The chart shows ‘Three Outside Down’. this is a bearish chart scenario. The pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Three Outside Down’ heading down is 69% (Bull Market) & 70% (Bear Market).

1.38445 – 1.38426 – 1.38426 – 1.37852 – 1.38141 – 1.38593 —
1.38235 – 1.38292 —
45.331263417258 – 52.285310457085 —
– —
1.38445 – 1769047200

Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Down – Head and Shoulder chart pattern – – – – – – – –