USDCAD - Upward trend will continue, Long trade by market price recommended

April 2, 2020 7:11:56 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Buy
StatusClosed (1.42)
7:02
7:02
Apr. 2, 2020

+94 p
1.4200
Target 1
1.4105
Entry
-95 p
1.4010
Stop Loss
Chart & Analyst Comments
USDCAD - Upward trend will continue, Long trade by market price recommended

A short-term Buy trade is recommended using a market order while sideways movement.

  1. According to the most brokers’ data, more than half of the traders are currently in short positions on USDCAD. As a result, we recommend considering only Long trades at this time.
  2. The last downward movement was characterized by a “surge” in retail sellers. This is a good reason to start thinking about long positions.
  3. After a slight downward price movement, profitable sellers actively begin to take profits, returning the price to its original position.
  4. These accumulation of retail traders stop losses coincide with the level of the previous high. This level will serve as the target for our trade.