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

May 20, 2020 5:18:10 PM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.397)
17:16
17:16
May 20, 2020

-69 p
1.3975
Stop Loss
1.3905
Entry
+70 p
1.3835
Target 1
+115 p
1.3790
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. 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.
  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 - 1.3835, and the second one, in case of an active price decrease, is at the level - 1.379