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USDCAD - Downward trend will continue, Short trade by market price recommended

February 3, 2021 6:14:18 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.2815)
6:12
6:12
Feb. 3, 2021

-70 p
1.2855
Stop Loss
1.2785
Entry
+70 p
1.2715
Target 1
Chart & Analyst Comments
main-sell-market-trend-1
  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. When the price rises, a signal is formed (orange labels), which implies a downwards movement.
  3. In this sideways movement, retail traders prefer to hold long trades. There seem to be a major player interest in an downward movement.
  4. Stop loss should be taken out of the buyers cluster. If the price passes it, it will likely go on.
  5. 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
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