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

March 16, 2021 9:52:41 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.246)
9:50
9:50
Mar. 16, 2021

-60 p
1.2545
Stop Loss
1.2485
Entry
+60 p
1.2425
Target 1
+85 p
1.2400
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. 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.
  3. Upward price movement is accompanied by reversal signals of Profit Ratio indicator.
  4. The idea of ​​this Sell forecast is based on a long-term downtrend, which is confirmed by the MVP indicator dynamics.
  5. Pay attention to the accumulation of buyers near the current price. Such situations during an uptrend may indicate an upcoming correction. As a result, we will be going with a short-term Sell Order.
  6. The trade is aimed at the previous low breakout. The SLC indicator signals us to set our target at the level where most Stop Losses are placed - 1.2425