USD/CAD – 1H – BUYThe combination US Dollar/Canadian Dollar (USD/CAD) breaks through the descending trendline up.
The bullish trend up to the next resistance at 1.36856 will persist.
Caution: A possible reversal of the trend in the direction of the support line at 1.36283 could occur.
In the case of a trade, always set appropriate stop-loss settings.
In addition a ‘Three Outside Up’ candlestick pattern is discovered. The candles form ‘Three Outside Up’. this is a bullish pattern signal. The currency pair is likely to rise. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Three Outside Up’ heading up is 75% (Bull Market) & 74% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.37389 |
| 2nd High | 1.37022 |
| Next High | 1.36856 |
| Current Price | 1.36768 |
| Next Low | 1.36283 |
| 2nd Low | 1.34929 |
| 3rd Low | 1.34812 |
1.36856 – 1.37022 – 1.35777 – 1.36283 – 1.34929 – 1.34812 —
1.36490 – 1.36829 —
50.518071741662 – 57.83241898672 —
– —
1.36856 – 1770120000
Trading Signals: FOREX – USD – USD/CAD – CAD – Three Outside Up – – – – – – – – –