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

February 18, 2022 3:02:05 PM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.2760)
14:58
14:58
Feb. 18, 2022

-60 p
1.2760
Stop Loss
1.2700
Entry
+60 p
1.2640
Target 1
+80 p
1.2620
Target 2
Chart & Analyst Comments
main-sell-market-trend-1
  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. While in flat, the price often crosses the MVP line, since it reflects price balance. Today's short-term Sell forecast aims to cross this line.
  5. The first target is at the level of the previous bottom - 1.264, and the second one, in case of an active price decrease, is at the level - 1.262
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