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

January 22, 2021 12:00:12 PM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.2700)
11:58
11:58
Jan. 22, 2021

-80 p
1.2780
Stop Loss
1.2700
Entry
+80 p
1.2620
Target 1
+110 p
1.2590
Target 2
Chart & Analyst Comments
main-sell-market-trend-1
  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. When the price rises, a signal is formed (orange labels), which implies a downwards movement.
  3. The last upward movement was characterized by a “surge” in retail buyers. This is a good reason to start thinking about short positions.
  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 - 1.262, and the second one, in case of an active price decrease, is at the level - 1.259
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