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

January 20, 2022 9:33:56 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.2560)
9:31
9:31
Jan. 20, 2022

-65 p
1.2560
Stop Loss
1.2495
Entry
+55 p
1.2440
Target 1
+80 p
1.2415
Target 2
Chart & Analyst Comments
main-sell-market-trend-1
  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. 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. MVP line is above the price and acts as a resistance level.
  5. The first target is at the level of the previous bottom - 1.244, and the second one, in case of an active price decrease, is at the level - 1.2415
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