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

June 17, 2020 7:12:18 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.3595)
7:11
7:11
Jun. 17, 2020

-64 p
1.3595
Stop Loss
1.3530
Entry
+55 p
1.3475
Target 1
+84 p
1.3445
Target 2
Chart & Analyst Comments
USDCAD - Downward trend will continue, Short trade by market price recommended
  1. According to the most brokers’ data, more than half of the traders are currently in long positions on USDCAD. As a result, we recommend considering only Short trades at this time.
  2. When the price rises, a signal is formed (orange labels), which implies a downwards movement.
  3. In this sideways movement, retail traders prefer to hold long trades. There seem to be a major player interest in an downward movement.
  4. The first target is at the level of the previous bottom - 1.3475, and the second one, in case of an active price decrease, is at the level - 1.3445