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

May 2, 2022 8:39:09 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Buy
StatusClosed (1.2875)
8:39
8:39
May 2, 2022

+75 p
1.2920
Target 1
1.2845
Entry
-75 p
1.2770
Stop Loss
Chart & Analyst Comments
main-buy-market-trend-1
  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. 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.
  3. 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.
  4. Stop loss should be taken out of the sellers cluster. If the price passes it, it will likely go on.
  5. 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
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