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

June 10, 2020 9:28:22 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.3315)
9:23
9:23
Jun. 10, 2020

-55 p
1.3450
Stop Loss
1.3395
Entry
+49 p
1.3345
Target 1
+80 p
1.3315
Target 2
Chart & Analyst Comments
USDCAD - Downward trend will continue, Short trade by market price recommended
  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. The Ratios indicator shows the change in the ratio of market players towards buyers. Their increase while the downtrend may indicate the activity of averaging traders. This can serve as "fuel" for further downtrend.
  3. MVP line is above the price and acts as a resistance level.
  4. We see an accumulation of loss buyers above the current price in the right Order Book. This cluster can act as a resistance.
  5. The given Stop Losses of market participants are on the same level as the previous low, which will serve as the target for our trade.