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

September 24, 2021 11:01:04 AM by Alexander Zorevyk
Forecast Details
Direction Sell
StatusClosed (1.2625)
Sep. 24, 2021

-55 p
Stop Loss
+55 p
Target 1
+80 p
Target 2
Chart & Analyst Comments
  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 increase in buyers is observed both in the downward movement and in the retracement movements. Retail traders still believe in the possibility of price increase.
  3. Upward price movement is accompanied by reversal signals of Profit Ratio indicator.
  4. While in flat, the price often crosses the MVP line, since it reflects price balance. Today's short-term Sell forecast aims to cross this line.
  5. The first target is at the level of the previous bottom - 1.2625, and the second one, in case of an active price decrease, is at the level - 1.26
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