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

June 7, 2022 2:22:06 PM by Alex Zarevich
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.2590)
14:22
14:22
Jun. 7, 2022

-60 p
1.2650
Stop Loss
1.2590
Entry
+65 p
1.2525
Target 1
+90 p
1.2500
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. The last upward movement was characterized by a “surge” in retail buyers. This is a good reason to start thinking about short positions.
  3. The MVP indicator shows the downtrend. We take this into account as one of the important factors in today's forecast.
  4. Stop loss should be taken out of the buyers cluster. If the price passes it, it will likely go on.
  5. The SLC indicator displays a cluster of Stop Losses and Stop orders straight at the previous low level, which according to our forecast, is good for placing Take Profit.
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