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

June 23, 2020 7:23:12 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.354)
7:13
7:13
Jun. 23, 2020

-69 p
1.3610
Stop Loss
1.3540
Entry
+65 p
1.3475
Target 1
+95 p
1.3445
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. The Ratios indicator shows the change in the ratio of market players towards buyers. Their increase while the downtrend may indicate the activity of averaging traders. This can serve as "fuel" for further downtrend.
  3. MVP line is above the price and acts as a resistance level.
  4. The trade is aimed at the previous low breakout. The SLC indicator signals us to set our target at the level where most Stop Losses are placed - 1.3475