USDCAD - Downward trend will continue, Short trade by market price recommended
September 2, 2020 3:25:36 PM
Forecast Details
PairUSDCAD
Direction
Sell
StatusClosed (1.3135)
-60 p
1.3135
Stop Loss
1.3075
Entry
+55 p
1.3020
Target 1
+85 p
1.2990
Target 2
About Author
Alexander Zorevyk
Expert
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Total votes: 5
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Chart & Analyst Comments
- 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.
- In this sideways movement, retail traders prefer to hold long trades. There seem to be a major player interest in an downward movement.
- The MVP indicator shows the downtrend. We take this into account as one of the important factors in today's forecast.
- Stop loss should be taken out of the buyers cluster. If the price passes it, it will likely go on.
