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

August 20, 2020 10:47:37 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.32)
10:41
10:41
Aug. 20, 2020

-70 p
1.3280
Stop Loss
1.3210
Entry
+60 p
1.3150
Target 1
+85 p
1.3125
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. The activity of "fresh" buyers in an uptrend may indicate that the market expects the recovery of the bull trend. However, according to our analysis, this movement is corrective and we expect the price to go down.
  3. The continious increase in the Open Interest value speaks of possible high volatility in the near future.
  4. MVP line is above the price and acts as a resistance level.
  5. The first target is at the level of the previous bottom - 1.315, and the second one, in case of an active price decrease, is at the level - 1.3125