USDCAD - Upward trend will continue, Long trade by market price recommended

August 6, 2019 12:02:52 PM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Buy
StatusClosed (1.328)
12:00
12:00
Aug. 6, 2019

+65 p
1.3280
Target 1
1.3215
Entry
-54 p
1.3160
Stop Loss
Chart & Analyst Comments
USDCAD - Upward trend will continue, Long trade by market price recommended
  1. According to the most brokers’ data, more than half of the traders are currently in short positions on USDCAD. As a result, we recommend considering going only long at this time.
  2. There is a majority of sell positions in the present sideways movement. We suspect an interest of a major player in moving the price upwards.
  3. We see a cluster of stop losses and stop orders right at the level of the previous peak. This is a good level for placing our take profit according to our forecast.