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

June 24, 2021 5:30:50 PM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.2295)
17:26
17:26
Jun. 24, 2021

-65 p
1.2380
Stop Loss
1.2315
Entry
+65 p
1.2250
Target 1
+90 p
1.2225
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 last upward movement was characterized by a “surge” in retail buyers. This is a good reason to start thinking about short positions.
  3. When the price rises, a signal is formed (orange labels), which implies a downwards movement.
  4. MVP line is above the price and acts as a resistance level.
  5. These accumulation of retail traders stop losses coincide with the level of the previous low. This level will serve as the target for our trade.