USDCAD - Downward trend will continue, Short trade by market price recommended
July 5, 2021 6:46:39 AM
Forecast Details
PairUSDCAD
Direction
Sell
StatusClosed (1.231)
-70 p
1.2410
Stop Loss
1.2340
Entry
+70 p
1.2270
Target 1
+105 p
1.2235
Target 2
About Author
Alexander Zorevyk
Expert
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Total votes: 4
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Chart & Analyst Comments
- Majority of traders are still holding onto Longs. This means we should continue to Sell USDCAD.
- We are seeing an increase in Buy positions by market crowd, who are replenishing an already large number of "locked up" losing Buy positions.
- The Profit Ratio reversal indicator doesn't react on downward movement. This means that the movement is not fake.
- Price broke through the MVP line and rushed down. We consider this a sign for further USDCAD price decrease.
- 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
