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

February 10, 2022 8:23:53 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.2735)
8:21
8:21
Feb. 10, 2022

-70 p
1.2735
Stop Loss
1.2665
Entry
+65 p
1.2600
Target 1
Chart & Analyst Comments
main-sell-market-trend-1
  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. 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. MVP line is above the price and acts as a resistance level.
  5. We are focused on the breakdown of the previous bottom, the target at the level of 1.26.
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