The market has stabilized, the first signs of a downtrend appeared

December 9, 2020 10:18:38 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.278)
10:14
10:14
Dec. 9, 2020

-70 p
1.2870
Stop Loss
1.2800
Entry
+70 p
1.2730
Target 1
+100 p
1.2700
Target 2
Chart & Analyst Comments
The market has stabilized, the first signs of a downtrend appeared
  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. The idea of ​​this Sell forecast is based on a long-term downtrend, which is confirmed by the MVP indicator dynamics.
  4. Stop loss should be taken out of the buyers cluster. If the price passes it, it will likely go on.
  5. The SLC indicator displays the levels where there are Stop Losses acting as targets for our trading idea.