USDCAD - Upward trend will continue, Long trade by market price recommended
May 7, 2020 8:06:06 AM
Forecast Details
PairUSDCAD
Direction
Buy
StatusClosed (1.3985)
+114 p
1.4200
Target 2
+84 p
1.4170
Target 1
1.4085
Entry
-100 p
1.3985
Stop Loss
About Author
Alexander Zorevyk
Expert
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Total votes: 7
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Chart & Analyst Comments
- 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.
- The Ratios indicator demonstrates a market shift towards sellers. Their increase while the downward movement may indicate a successfully triggered trap. Possible price upward reversal.
- MVP line is below the price and acts as a support level.
- The first target is at the level of the previous peak - 1.417, and the second one, in case of an active price increase, is at the level - 1.42
