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

June 3, 2021 8:26:35 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.211)
8:24
8:24
Jun. 3, 2021

-45 p
1.2110
Stop Loss
1.2065
Entry
+50 p
1.2015
Target 1
+70 p
1.1995
Target 2
Chart & Analyst Comments
USDCAD - Downward trend will continue, Short trade by market price recommended
  1. The Current Ratio indicator have reached a critical value, too many traders expect an upward movement. In this case, we recommend to Sell only.
  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. Upward price movement is accompanied by reversal signals of Profit Ratio indicator.
  4. MVP line is above the price and acts as a resistance level.
  5. The first target is at the level of the previous bottom - 1.2015, and the second one, in case of an active price decrease, is at the level - 1.1995