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

December 6, 2021 6:39:58 AM by Alexander Zorevyk
Forecast Details
Direction Buy
StatusClosed (1.2770)
Dec. 6, 2021

+50 p
Target 1
-50 p
Stop Loss
Chart & Analyst Comments
  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 only Long trades at this time.
  2. The number of profitable buyers has exceeded 75%. The uptrend is in its active phase. This confirms potential for a Long trade.
  3. In this sideways movement, retail traders prefer to hold short trades. There seem to be a major player interest in an upward movement.
  4. MVP line is below the price and acts as a support level.
  5. The risk-to-profit ratio allows us to set Take Profit for a Long trade at 1.287
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