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

March 18, 2021 2:09:10 PM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.2535)
14:07
14:07
Mar. 18, 2021

-90 p
1.2535
Stop Loss
1.2445
Entry
+80 p
1.2365
Target 1
+115 p
1.2330
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 last upward movement was characterized by a “surge” in retail buyers. This is a good reason to start thinking about short positions.
  3. When the price rises, a signal is formed (orange labels), which implies a downwards movement.
  4. The idea of ​​this Sell forecast is based on a long-term downtrend, which is confirmed by the MVP indicator dynamics.
  5. The first target is at the level of the previous bottom - 1.2365, and the second one, in case of an active price decrease, is at the level - 1.233