The market has stabilized, the first signs of a downtrend appeared

March 11, 2021 7:21:33 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.264)
7:19
7:19
Mar. 11, 2021

-60 p
1.2700
Stop Loss
1.2640
Entry
+60 p
1.2580
Target 1
+85 p
1.2555
Target 2
Chart & Analyst Comments
The market has stabilized, the first signs of a downtrend appeared
  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. In this sideways movement, retail traders prefer to hold long trades. There seem to be a major player interest in an downward movement.
  3. The number of profitable sellers has exceeded 75%. The downtrend is in its active phase. This confirms potential for a Short trade.
  4. MVP line is above the price and acts as a resistance level.
  5. The first target is at the level of the previous bottom - 1.258, and the second one, in case of an active price decrease, is at the level - 1.2555