USDCAD - Downward trend will continue, Short trade by market price recommended
February 3, 2021 6:14:18 AM
Forecast Details
PairUSDCAD
Direction
Sell
StatusClosed (1.2815)
-70 p
1.2855
Stop Loss
1.2785
Entry
+70 p
1.2715
Target 1
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.
- When the price rises, a signal is formed (orange labels), which implies a downwards movement.
- In this sideways movement, retail traders prefer to hold long trades. There seem to be a major player interest in an downward movement.
- Stop loss should be taken out of the buyers cluster. If the price passes it, it will likely go on.
- The trade is aimed at the previous low breakout. The SLC indicator signals us to set our target at the level where most Stop Losses are placed - 1.2715
