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

May 14, 2021 7:52:28 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.208)
7:51
7:51
May 14, 2021

-70 p
1.2220
Stop Loss
1.2150
Entry
+70 p
1.2080
Target 1
+105 p
1.2045
Target 2
Chart & Analyst Comments
USDCAD - Downward trend will continue, Short trade by market price recommended
  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. In this sideways movement, retail traders prefer to hold long trades. There seem to be a major player interest in an downward movement.
  3. When the price rises, a signal is formed (orange labels), which implies a downwards movement.
  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 - 1.208, and the second one, in case of an active price decrease, is at the level - 1.2045