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

July 16, 2020 2:06:28 PM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.3585)
14:01
14:01
Jul. 16, 2020

-60 p
1.3585
Stop Loss
1.3525
Entry
+55 p
1.3470
Target 1
+80 p
1.3445
Target 2
Chart & Analyst Comments
USDCAD - Downward trend will continue, Short trade by market price recommended
  1. Majority of traders are still holding onto Longs. This means we should continue to Sell USDCAD.
  2. The activity of "fresh" bulls while the downward movement may indicate that the market crowd still does not believe in a Bearish trend.
  3. MVP line is above the price and acts as a resistance level.
  4. The first target is at the level of the previous bottom - 1.347, and the second one, in case of an active price decrease, is at the level - 1.3445