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

January 16, 2020 8:12:55 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.3035)
8:07
8:07
Jan. 16, 2020

-40 p
1.3085
Stop Loss
1.3045
Entry
+44 p
1.3000
Target 1
Chart & Analyst Comments
USDCAD - Downward trend will continue, Short trade by market price recommended

A short-term Sell trade is recommended using a market order while sideways movement.

  1. The Current Ratio indicator, which is used for quick market sentiment analysis, provides Sell signal at the moment.
  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. Stop loss should be taken out of the buyers cluster. If the price passes it, it will likely go on.
  4. These accumulation of retail traders stop losses coincide with the level of the previous low. This level will serve as the target for our trade.