The market has stabilized, the first signs of a downtrend appeared

August 3, 2020 7:12:45 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.3365)
7:10
7:10
Aug. 3, 2020

-70 p
1.3455
Stop Loss
1.3385
Entry
+60 p
1.3325
Target 1
+85 p
1.3300
Target 2
Chart & Analyst Comments
The market has stabilized, the first signs of a downtrend appeared
  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. MVP line is above the price and acts as a resistance level.
  4. The first target is at the level of the previous bottom - 1.3325, and the second one, in case of an active price decrease, is at the level - 1.33