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

June 1, 2021 5:42:01 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.2070)
5:38
5:38
Jun. 1, 2021

-50 p
1.2100
Stop Loss
1.2050
Entry
+55 p
1.1995
Target 1
+80 p
1.1970
Target 2
Chart & Analyst Comments
main-sell-market-trend-1
  1. The Current Ratio indicator have reached a critical value, too many traders expect an upward movement. In this case, we recommend to Sell only.
  2. In this sideways movement, retail traders prefer to hold long trades. There seem to be a major player interest in an downward movement.
  3. The number of profitable sellers has exceeded 75%. The downtrend is in its active phase. This confirms potential for a Short trade.
  4. MVP line is above the price and acts as a resistance level.
  5. The first target is at the level of the previous bottom - 1.1995, and the second one, in case of an active price decrease, is at the level - 1.197
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