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USDCAD - Upward trend will continue, Long trade by market price recommended

July 8, 2022 7:20:53 AM by Alex Zarevich
Forecast Details
PairUSDCAD
Direction Buy
StatusClosed (1.2940)
7:20
7:20
Jul. 8, 2022

+95 p
1.3100
Target 2
+70 p
1.3075
Target 1
1.3005
Entry
-65 p
1.2940
Stop Loss
Chart & Analyst Comments
main-buy-market-trend-1
  1. According to the Current Ratio indicator, the market crowd inclined to believe in a downward movement. We recommend Long trade for today.
  2. The activity of "fresh" sellers in a downtrend may indicate that the market expects the recovery of the bear trend. However, according to our analysis, this movement is corrective and we expect the price to go up
  3. When the price decreases, a signal is formed (orange labels), which implies an upward movement.
  4. We see an accumulation of loss sellers below the current price in the right Order Book. This cluster can act as a support.
  5. The trade is aimed at the previous high breakout. The SLC indicator signals us to set our target at the level where most Stop Losses are placed - 1.3075
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