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

October 7, 2020 2:02:55 PM by Alexander Zorevyk
Forecast Details
Direction Sell
StatusClosed (1.3245)
Oct. 7, 2020

-85 p
Stop Loss
+80 p
Target 1
+120 p
Target 2
Chart & Analyst Comments
  1. According to the most brokers’ data, more than half of the traders are currently in long positions on USDCAD. As a result, we recommend considering only Short trades at this time.
  2. The activity of "fresh" buyers in an uptrend may indicate that the market expects the recovery of the bull trend. However, according to our analysis, this movement is corrective and we expect the price to go down.
  3. MVP line is above the price and acts as a resistance level.
  4. Stop loss should be taken out of the buyers cluster. If the price passes it, it will likely go on.
  5. The trade is aimed at the previous low breakout. The SLC indicator signals us to set our target at the level where most Stop Losses are placed - 1.32
    index: 1x 0.038084983825684s
t_/pages/forecast: 1x 0.034808158874512s
t_/common/header-new: 1x 0.021676063537598s
t_/common/head: 1x 0.018342018127441s
t_/common/footer-new: 1x 0.0024070739746094s
router_page: 1x 0.0017919540405273s
router: 1x 0.00095105171203613s
t_/popups/on-download: 1x 0.00052499771118164s
service-routes: 1x 0.00045609474182129s
router_redirection: 1x 0.00018215179443359s
t_/popups/zoom: 1x 1.7166137695312E-5s
----- END OF DUMP (2021-12-01 15:02:12)  -----