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

July 5, 2021 6:46:39 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.2310)
6:42
6:42
Jul. 5, 2021

-70 p
1.2410
Stop Loss
1.2340
Entry
+70 p
1.2270
Target 1
+105 p
1.2235
Target 2
Chart & Analyst Comments
main-sell-market-trend-1
  1. Majority of traders are still holding onto Longs. This means we should continue to Sell USDCAD.
  2. We are seeing an increase in Buy positions by market crowd, who are replenishing an already large number of "locked up" losing Buy positions.
  3. The Profit Ratio reversal indicator doesn't react on downward movement. This means that the movement is not fake.
  4. Price broke through the MVP line and rushed down. We consider this a sign for further USDCAD price decrease.
  5. The first target is at the level of the previous bottom - 1.227, and the second one, in case of an active price decrease, is at the level - 1.2235
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