The market has stabilized, the first signs of a downtrend appeared
March 11, 2021 7:21:33 AM
Forecast Details
PairUSDCAD
Direction
Sell
StatusClosed (1.264)
-60 p
1.2700
Stop Loss
1.2640
Entry
+60 p
1.2580
Target 1
+85 p
1.2555
Target 2
About Author
Alexander Zorevyk
Expert
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Total votes: 5
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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.
- In this sideways movement, retail traders prefer to hold long trades. There seem to be a major player interest in an downward movement.
- The number of profitable sellers has exceeded 75%. The downtrend is in its active phase. This confirms potential for a Short trade.
- MVP line is above the price and acts as a resistance level.
- 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
