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The market has stabilized, the first signs of a downtrend appeared

October 21, 2020 10:23:54 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.3145)
10:19
10:19
Oct. 21, 2020

-65 p
1.3210
Stop Loss
1.3145
Entry
+65 p
1.3080
Target 1
+95 p
1.3050
Target 2
Chart & Analyst Comments
The market has stabilized, the first signs of a downtrend appeared
  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 are seeing an increase in Buy positions by market crowd, who are replenishing an already large number of "locked up" losing Buy positions.
  3. MVP line is above the price and acts as a resistance level.
  4. The first target is at the level of the previous bottom - 1.308, and the second one, in case of an active price decrease, is at the level - 1.305