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

July 22, 2022 6:01:05 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.2820)
6:01
6:01
Jul. 22, 2022

-55 p
1.2950
Stop Loss
1.2895
Entry
+55 p
1.2840
Target 1
+75 p
1.2820
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. In this sideways movement, retail traders prefer to hold long trades. There seem to be a major player interest in an downward movement.
  3. When the price rises, a signal is formed (orange labels), which implies a downwards movement.
  4. The MVP indicator shows the downtrend. We take this into account as one of the important factors in today's forecast.
  5. The first target is at the level of the previous bottom - 1.284, and the second one, in case of an active price decrease, is at the level - 1.282
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