USDCAD - Downward trend will continue, Short trade by market price recommended
October 12, 2021 10:19:35 AM
Forecast Details
PairUSDCAD
Direction
Sell
StatusClosed (1.2435)
-70 p
1.2535
Stop Loss
1.2465
Entry
+70 p
1.2395
Target 1
About Author
Alexander Zorevyk
Expert
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Total votes: 3
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Chart & Analyst Comments
- The Current Ratio indicator have reached a critical value, too many traders expect an upward movement. In this case, we recommend to Sell only.
- The activity of "fresh" bulls while the downward movement may indicate that the market crowd still does not believe in a Bearish trend.
- When the price rises, a signal is formed (orange labels), which implies a downwards movement.
- The MVP indicator shows the downtrend. We take this into account as one of the important factors in today's forecast.
- The price decrease will be accompanied by the trigger of market crowds’ stop losses, which in turn will serve as a "fuel" for the downward movement.
