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

August 9, 2022 2:51:29 PM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.2810)
14:51
14:51
Aug. 9, 2022

-65 p
1.2940
Stop Loss
1.2875
Entry
+65 p
1.2810
Target 1
Chart & Analyst Comments
main-sell-market-trend-1
  1. The Current Ratio indicator, which is used for quick market sentiment analysis, provides Sell signal at the moment.
  2. The activity of "fresh" bulls while the downward movement may indicate that the market crowd still does not believe in a Bearish trend.
  3. When the price rises, a signal is formed (orange labels), which implies a downwards movement.
  4. Pay attention to the accumulation of buyers near the current price. Such situations during an uptrend may indicate an upcoming correction. As a result, we will be going with a short-term Sell Order.
  5. Set Take Profit at the local low, beyond which there is a cluster of orders.
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