USD/CAD – 4H – BUYCorrection of the major bearish trend broke through the Fibonacci 0.24-Level.Continuation of the current ascending trend is expected. Current target is 1.36282 at the Fibonacci level 0.5-Level. Caution: A possible trend reversal in the direction of resistance at 1.3716 is within the realm of possibility.
In case of a trade, appropriate stop-loss settings should be considered.
Besides a ‘Bearish SBS White Lines’ chart pattern is detected. The candles form ‘Bearish SBS White Lines’. which is a bearish signal. The currency pair is likely to fall. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the likelyhood of ‘Bearish SBS White Lines’ going down is 56% (Bull Market) & 57% (Bear Market).
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.39284 |
| 2nd High | 1.37525 |
| Next High | 1.3716 |
| Current Price | 1.35667 |
| Next Low | 1.35252 |
| 2nd Low | 1.35039 |
| 3rd Low | 1.34812 |
1.3716 – 1.37525 – 1.37122 – 1.35252 – 1.36247 – 1.36482 —
1.35946 – 1.35806 —
42.663594167705 – 39.369288924943 —
– —
1.3716 – 1772726400
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish SBS White Lines – – – – – – – – –