USDCAD - Downward trend will continue, Short trade by market price recommended
September 24, 2021 11:01:04 AM
Forecast Details
PairUSDCAD
Direction
Sell
StatusClosed (1.2625)
-55 p
1.2735
Stop Loss
1.2680
Entry
+55 p
1.2625
Target 1
+80 p
1.2600
Target 2
About Author
Alexander Zorevyk
Expert
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Total votes: 3
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Chart & Analyst Comments
- 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.
- 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.
- Upward price movement is accompanied by reversal signals of Profit Ratio indicator.
- 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.
- 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
