USD/CAD – 1H – SELLThe combination US Dollar/Canadian Dollar (USD/CAD) goes from the bearish trendline downwards
A continuation of the downtrend downwards to the next support line at 1.36521 will continue.
Caution: A possible reversal of the trend in the direction of the resistance line at 1.36996 is within the realm of possibility.
Consider stop-loss settings accordingly.
Additionally a ‘Bearish Engulfing’ candle chart pattern is existing. The candles form ‘Bearish Engulfing’. which is a negative signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the success rate of a ‘Bearish Engulfing’ going down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.37389 |
| 2nd High | 1.37022 |
| Next High | 1.36996 |
| Current Price | 1.36808 |
| Next Low | 1.36521 |
| 2nd Low | 1.36283 |
| 3rd Low | 1.34929 |
1.36996 – 1.36856 – 1.37022 – 1.36521 – 1.36283 – 1.34929 —
1.37139 – 1.36924 —
63.73940217759 – 49.478914901646 —
– —
1.36996 – 1770292800
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing – Double bottom chart pattern – – – – – – – –