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

September 7, 2020 6:10:31 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.318)
6:06
6:06
Sep. 7, 2020

-80 p
1.3180
Stop Loss
1.3100
Entry
+80 p
1.3020
Target 1
+110 p
1.2990
Target 2
Chart & Analyst Comments
USDCAD - Downward trend will continue, Short trade by market price recommended
  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. In this sideways movement, retail traders prefer to hold long trades. There seem to be a major player interest in an downward movement.
  3. MVP line is above the price and acts as a resistance level.
  4. The first target is at the level of the previous bottom - 1.302, and the second one, in case of an active price decrease, is at the level - 1.299