USDCAD - Downward trend will continue, Short trade by market price recommended
September 10, 2020 1:27:23 PM
Forecast Details
PairUSDCAD
Direction
Sell
StatusClosed (1.32)
-55 p
1.3200
Stop Loss
1.3145
Entry
+55 p
1.3090
Target 1
+100 p
1.3045
Target 2
About Author
Alexander Zorevyk
Expert
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Total votes: 6
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Chart & Analyst Comments
- 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.
- The activity of "fresh" bulls while the downward movement may indicate that the market crowd still does not believe in a Bearish trend.
- MVP line is above the price and acts as a resistance level.
- Stop loss should be taken out of the buyers cluster. If the price passes it, it will likely go on.
