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

September 2, 2020 3:25:36 PM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.3135)
15:21
15:21
Sep. 2, 2020

-60 p
1.3135
Stop Loss
1.3075
Entry
+55 p
1.3020
Target 1
+85 p
1.2990
Target 2
Chart & Analyst Comments
USDCAD - Downward trend will continue, Short trade by market price recommended
  1. According to the most brokers’ data, more than half of the traders are currently in long positions on USDCAD. As a result, we recommend considering only Short trades at this time.
  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 MVP indicator shows the downtrend. We take this into account as one of the important factors in today's forecast.
  4. Stop loss should be taken out of the buyers cluster. If the price passes it, it will likely go on.