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

May 6, 2021 5:38:01 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.2170)
5:23
5:23
May 6, 2021

-70 p
1.2335
Stop Loss
1.2265
Entry
+65 p
1.2200
Target 1
+95 p
1.2170
Target 2
Chart & Analyst Comments
main-sell-market-trend-1
  1. The Current Ratio indicator have reached a critical value, too many traders expect an upward movement. In this case, we recommend to Sell only.
  2. In this sideways movement, retail traders prefer to hold long trades. There seem to be a major player interest in an downward movement.
  3. The number of profitable sellers has exceeded 75%. The downtrend is in its active phase. This confirms potential for a Short trade.
  4. The MVP indicator shows the downtrend. We take this into account as one of the important factors in today's forecast.
  5. The first target is at the level of the previous bottom - 1.22, and the second one, in case of an active price decrease, is at the level - 1.217
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