USDCAD - Upward trend will continue, Long trade by market price recommended

March 12, 2020 7:19:38 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Buy
StatusClosed (1.3835)
7:17
7:17
Mar. 12, 2020

+64 p
1.3835
Target 1
1.3770
Entry
-64 p
1.3705
Stop Loss
Chart & Analyst Comments
USDCAD - Upward trend will continue, Long trade by market price recommended

For today's forecast, we recommend a Buy Order at this recommended market price - 1.377. This idea is based on the following analysis:

  1. The Current Ratio indicator have reached a critical value, too many traders expect a downward movement. In this case, we recommend to Buy only.
  2. The activity of "fresh" bears while the upward movement may indicate that the market crowd still does not believe in a Bullish trend.
  3. MVP line is below the price and acts as a support level.
  4. Stop loss should be taken out of the sellers cluster. If the price passes it, it will likely go on.
  5. Here is the crucial stop loss level to serve as a goal for our Buy trade idea.