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

September 10, 2020 1:27:23 PM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.32)
13:25
13:25
Sep. 10, 2020

-55 p
1.3200
Stop Loss
1.3145
Entry
+55 p
1.3090
Target 1
+100 p
1.3045
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 activity of "fresh" bulls while the downward movement may indicate that the market crowd still does not believe in a Bearish trend.
  3. MVP line is above the price and acts as a resistance level.
  4. Stop loss should be taken out of the buyers cluster. If the price passes it, it will likely go on.