USDCAD - Upward trend will continue, Long trade by market price recommended
February 6, 2020 1:12:08 PM
Forecast Details
PairUSDCAD
Direction
Buy
StatusClosed (1.3315)
+75 p
1.3355
Target 2
+55 p
1.3335
Target 1
1.3280
Entry
-60 p
1.3220
Stop Loss
About Author
Alexander Zorevyk
Expert
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Chart & Analyst Comments
- The Current Ratio indicator have reached a critical value, too many traders expect a downward movement. In this case, we recommend to Buy only.
- In this sideways movement, retail traders prefer to hold short trades. There seem to be a major player interest in an upward movement.
- The dynamics of the Ratios indicator signals for Long opportunities. Pay attention to the area marked on the image.
- MVP line is below the price and acts as a support level.
- The first target is at the level of the previous peak - 1.3335, and the second one, in case of an active price increase, is at the level - 1.3355
