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

December 3, 2020 7:46:24 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.2845)
7:44
7:44
Dec. 3, 2020

-70 p
1.3010
Stop Loss
1.2940
Entry
+70 p
1.2870
Target 1
+95 p
1.2845
Target 2
Chart & Analyst Comments
The market has stabilized, the first signs of a downtrend appeared
  1. Majority of traders are still holding onto Longs. This means we should continue to Sell USDCAD.
  2. The activity of "fresh" bulls while the downward movement may indicate that the market crowd still does not believe in a Bearish trend.
  3. The idea of ​​this Sell forecast is based on a long-term downtrend, which is confirmed by the MVP indicator dynamics.
  4. Stop loss should be taken out of the buyers cluster. If the price passes it, it will likely go on.
  5. The drop in price will be accompanied by triggering of the market crowd’s Stop Losses, which in turn will serve as a “fuel” for the downward movement.