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

September 2, 2022 11:03:02 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Buy
StatusClosed (1.3140)
11:03
11:03
Sep. 2, 2022

+90 p
1.3230
Target 2
+60 p
1.3200
Target 1
1.3140
Entry
-70 p
1.3070
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. The activity of "fresh" bears while the upward movement may indicate that the market crowd still does not believe in a Bullish trend.
  3. The MVP indicator shows the uptrend. We take this into account as one of the important factors in today's forecast.
  4. Stop loss should be taken out of the sellers cluster. If the price passes it, it will likely go on.
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