Bearish USDCAD - 18 August 2024 - Technical Analysis

EURUSD Forex

USDCAD

Bearish Closed

Charts by TradingView

A Price Action Descending Triangle pattern formation on the 4 Hour time frame chart supports USDCAD Bearish bias. A break of 1.37020 will support the fall towards the target of 1.36735 the break of 1.36735 would push the price to 1.36545.

SUPPORT AND RESISTANCE LEVELS

Pivot Point 1.437
Support S1: 1.4368, S2: 1.4364 , S3: 1.4362
Resistance R1: 1.4374 , R2: 1.4376 , R3: 1.438

Brokers

Open account

Summary

Instrument :

USDCAD

Direction :

Bearish

Pattern Name :

Descending Triangle

Probability :

58%

Entry Level :

1.37020

Activation Time :

2024-08-13 21:00

Age :

226 Bars

Progress :

100%

Close Time :

2024-08-18 21:00

Time Frame :

4 Hour

Status :

Closed

CHART ANALYSIS

MORE SIGNALS

There are no signals right now

Descending Triangle

A descending triangle is a bearish chart pattern used in technical analysis that is created by drawing one trend line that connects a series of lower highs and a second horizontal trend line that connects a series of lows. a descending triangle can be either bearish or bullish. Traditionally, a regular descending triangle pattern is considered to be a bearish chart pattern. However, a descending triangle pattern can also be bullish.