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

June 9, 2022 10:52:40 AM by Alex Zarevich
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.2615)
10:52
10:52
Jun. 9, 2022

-65 p
1.2615
Stop Loss
1.2550
Entry
+50 p
1.2500
Target 1
+80 p
1.2470
Target 2
Chart & Analyst Comments
main-sell-market-trend-1
  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. When the price rises, a signal is formed (orange labels), which implies a downwards movement.
  3. In this sideways movement, retail traders prefer to hold long trades. There seem to be a major player interest in an downward movement.
  4. While in flat, the price often crosses the MVP line, since it reflects price balance. Today's short-term Sell forecast aims to cross this line.
  5. Stop loss should be taken out of the buyers cluster. If the price passes it, it will likely go on.
  6. The first target is at the level of the previous bottom - 1.25, and the second one, in case of an active price decrease, is at the level - 1.247
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