USDCAD - Downward trend will continue, Short trade by market price recommended
May 20, 2020 5:18:10 PM
Forecast Details
PairUSDCAD
Direction
Sell
StatusClosed (1.397)
-70 p
1.3975
Stop Loss
1.3905
Entry
+70 p
1.3835
Target 1
+115 p
1.3790
Target 2
About Author
Alexander Zorevyk
Expert
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Chart & Analyst Comments
- 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.
- We see a sharp increase in buy orders as indicated by a number of brokers, which may indicate an interest of a big market player. We are expecting a downward movement.
- In this sideways movement, retail traders prefer to hold long trades. There seem to be a major player interest in an downward movement.
- MVP line is above the price and acts as a resistance level.
- The first target is at the level of the previous bottom - 1.3835, and the second one, in case of an active price decrease, is at the level - 1.379
