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 (1.27)
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
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. 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