The currency pair US Dollar/Canadian Dollar (USD/CAD) goes from the bearish trendline downwards
A continuation of the downtrend downwards to the next support line at 1.40292 will persist.
Caution: A possible trend reversal in the direction of the resistance zone at 1.40579 is also possible.
Consider stop-loss settings accordingly.
In addition a ‘Bearish Engulfing’ candlestick chart pattern is discovered. The candles form ‘Bearish Engulfing’. this is a bearish pattern signal. The currency pair is likely to go down. According to the Encyclopedia of Candlestick Charts by Thomas N. Bulkowski, the probability of ‘Bearish Engulfing’ heading down is 79%.
| Support & Resistance | Price Range* |
|---|---|
| 3rd High | 1.41598 |
| 2nd High | 1.4077 |
| Next High | 1.40579 |
| Current Price | 1.40062 |
| Next Low | 1.40292 |
| 2nd Low | 1.40101 |
| 3rd Low | 1.39951 |
1.40579 – 1.40534 – 1.4077 – 1.40292 – 1.40101 – 1.40244 —
1.40317 – 1.40143 —
40.137930792019 – 32.12789618679 —
– —
1.40579 – 1784232000
Trading Signals: FOREX – USD – USD/CAD – CAD – Bearish Engulfing – – – – – – – – –