USDCAD - Downward trend will continue, Short trade by market price recommended
May 14, 2021 7:52:28 AM
Forecast Details
PairUSDCAD
Direction
Sell
StatusClosed (1.208)
-70 p
1.2220
Stop Loss
1.2150
Entry
+70 p
1.2080
Target 1
+105 p
1.2045
Target 2
About Author
Alexander Zorevyk
Expert
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Total votes: 7
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Chart & Analyst Comments
- The Current Ratio indicator have reached a critical value, too many traders expect an upward movement. In this case, we recommend to Sell only.
- In this sideways movement, retail traders prefer to hold long trades. There seem to be a major player interest in an downward movement.
- When the price rises, a signal is formed (orange labels), which implies a downwards movement.
- The MVP indicator shows the downtrend. We take this into account as one of the important factors in today's forecast.
- 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
