- 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.
- Today we are considering a bullish scenario. However, given that all attempts to develop an upward movement are accompanied by a “overwhelming” of the Profit Ratio indicator, it is better to enter the market at a lower price.
- There is an increase in the number of bears on the downward movement, followed by correction. We consider this movement as a trap for sellers and look forward for a continuation of the uptrend.
- Stop loss should be taken out of the sellers cluster. If the price passes it, it will likely go on.
- The trade is aimed at the previous high breakout. The SLC indicator signals us to set our target at the level where most Stop Losses are placed - 1.292
USDCAD - Upward trend will continue, Long trade by market price recommended
May 2, 2022 8:39:09 AM
Forecast Details
PairUSDCAD
Direction
Buy
StatusClosed (1.2875)
+75 p
1.2920
Target 1
1.2845
Entry
-75 p
1.2770
Stop Loss
Chart & Analyst Comments
