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

January 7, 2022 7:04:19 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.2635)
6:59
6:59
Jan. 7, 2022

-75 p
1.2785
Stop Loss
1.2710
Entry
+75 p
1.2635
Target 1
Chart & Analyst Comments
main-sell-market-trend-1
  1. Analyzing the market sentiment with Current Ratio indicator, we see a formed signal that confirms our idea of Sell Order.
  2. When the price rises, a signal is formed (orange labels), which implies a downwards movement.
  3. The decrease in the sellers volume, together with the increase in the buyers volume, confirms the need to Sell according to our trading idea.
  4. Price broke through the MVP line and rushed down. We consider this a sign for further USDCAD price decrease.
  5. We are focused on the breakdown of the previous bottom, the target at the level of 1.2635.
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