USDCAD - Downward trend will continue, Short trade by market price recommended

January 14, 2022 5:24:51 AM by Alex Zarevich
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.2535)
5:22
5:22
Jan. 14, 2022

-60 p
1.2560
Stop Loss
1.2500
Entry
+60 p
1.2440
Target 1
+85 p
1.2415
Target 2
Chart & Analyst Comments
main-sell-market-trend-1
  1. The Current Ratio indicator have reached a critical value, too many traders expect an upward movement. In this case, we recommend to Sell only.
  2. When the price rises, a signal is formed (orange labels), which implies a downwards movement.
  3. The increase in buyers is observed both in the downward movement and in the retracement movements. Retail traders still believe in the possibility of price increase.
  4. The MVP indicator shows the downtrend. We take this into account as one of the important factors in today's forecast.
  5. The first target is at the level of the previous bottom - 1.244, and the second one, in case of an active price decrease, is at the level - 1.2415
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