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

May 13, 2020 10:43:41 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Buy
StatusClosed (1.41)
10:31
10:31
May 13, 2020

+74 p
1.4100
Target 2
+54 p
1.4080
Target 1
1.4025
Entry
-60 p
1.3965
Stop Loss
Chart & Analyst Comments
USDCAD - Upward trend will continue, Long trade by market price recommended
  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 increase in sellers is observed both in the upward movement and in the retracement movements. Retail traders still believe in the possibility of price decrease.
  3. The Ratios indicator demonstrates a market shift towards sellers. Their increase while the downward movement may indicate a successfully triggered trap. Possible price upward reversal.
  4. MVP line is below the price and acts as a support level.
  5. The first target is at the level of the previous peak - 1.408, and the second one, in case of an active price increase, is at the level - 1.41