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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
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. 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.
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