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

May 13, 2022 6:52:49 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Buy
StatusClosed (1.2925)
6:52
6:52
May 13, 2022

+85 p
1.3090
Target 1
1.3005
Entry
-80 p
1.2925
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 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. 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. Set Take Profit at the local high, beyond which there is a cluster of orders.
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