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

October 23, 2019 6:16:27 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.3075)
6:15
6:15
Oct. 23, 2019

-49 p
1.3150
Stop Loss
1.3100
Entry
+60 p
1.3040
Target 1
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 activity of "fresh" buyers in an uptrend may indicate that the market expects the recovery of the bull trend. However, according to our analysis, this movement is corrective and we expect the price to go down.
  3. When the price rises, a signal is formed (orange labels), which implies a downwards movement.
  4. Stop loss should be taken out of the buyers cluster. If the price passes it, it will likely go on.