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

August 11, 2021 7:11:20 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.2505)
7:09
7:09
Aug. 11, 2021

-65 p
1.2600
Stop Loss
1.2535
Entry
+75 p
1.2460
Target 1
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. We are seeing an increase in Buy positions by market crowd, who are replenishing an already large number of "locked up" losing Buy positions.
  3. When the price rises, a signal is formed (orange labels), which implies a downwards movement.
  4. MVP line is above the price and acts as a resistance level.
  5. Here is the crucial stop loss level to serve as a goal for our Sell trade idea.