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

January 8, 2020 7:39:54 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.3035)
7:38
7:38
Jan. 8, 2020

-50 p
1.3035
Stop Loss
1.2985
Entry
+49 p
1.2935
Target 1
Chart & Analyst Comments
USDCAD - Downward trend will continue, Short trade by market price recommended

For today's forecast, we recommend a Sell Order at this recommended market price - 1.2985. This idea is based on the following analysis:

  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 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. The present level of MVP, which is above the current price, favors Sell Orders.
  4. Here is the crucial stop loss level to serve as a goal for our Sell trade idea.