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USDCAD - Downward trend will continue, Short trade by market price recommended

Alex Zarevich on FXSSI Alex Zarevich Expert
main-sell-market-trend-1
Forecast Details
PairUSDCAD
Publication Time7/1/24 8:41 AM
Direction Sell
Status Closed (1.3700)
8:41
8:41
Jul. 1, 2024
Forecast
-30 p
1.3700
Stop Loss
1.3670
Entry
+30 p
1.3640
Target 1
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Chart & Analyst Comments

main-sell-market-trend-1
  1. The ratio of buyers and sellers is close to parity, it's time to think about price turning down.
  2. The Ratios indicator shows the change in the ratio of market players towards buyers. Their increase while the downtrend may indicate the activity of averaging traders. This can serve as "fuel" for further downtrend.
  3. We see an accumulation of loss buyers above the current price in the right Order Book. This cluster can act as a resistance.
  4. The given Stop Losses of market participants are on the same level as the previous low, which will serve as the target for our trade.
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