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

October 12, 2022 11:18:24 AM by Alex Zarevich
Forecast Details
PairUSDCAD
Direction Buy
StatusClosed (1.3795)
11:18
11:18
Oct. 12, 2022

+85 p
1.3880
Target 2
+60 p
1.3855
Target 1
1.3795
Entry
-55 p
1.3740
Stop Loss
Chart & Analyst Comments
main-buy-market-trend-1
  1. According to the most brokers’ data, more than half of the traders are currently in short positions on USDCAD. As a result, we recommend considering only Long trades at this time.
  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. The MVP indicator shows the uptrend. We take this into account as one of the important factors in today's forecast.
  4. The first target is at the level of the previous peak - 1.3855, and the second one, in case of an active price increase, is at the level - 1.388
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