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

December 18, 2019 6:15:20 PM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed
18:10
18:10
Dec. 18, 2019

-60 p
1.3175
Stop Loss
1.3115
Entry
+60 p
1.3055
Target 1
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. The present level of MVP, which is above the current price, favors Sell Orders.
  4. Stop loss should be taken out of the buyers cluster. If the price passes it, it will likely go on.