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

May 25, 2021 6:29:23 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed
6:27
6:27
May 25, 2021

-60 p
1.2100
Stop Loss
1.2040
Entry
+60 p
1.1980
Target 1
+90 p
1.1950
Target 2
Chart & Analyst Comments
USDCAD - Downward trend will continue, Short trade by market price recommended
  1. The Current Ratio indicator have reached a critical value, too many traders expect an upward movement. In this case, we recommend to Sell only.
  2. The activity of "fresh" bulls while the downward movement may indicate that the market crowd still does not believe in a Bearish trend.
  3. The number of profitable sellers has exceeded 75%. The downtrend is in its active phase. This confirms potential for a Short trade.
  4. The idea of ​​this Sell forecast is based on a long-term downtrend, which is confirmed by the MVP indicator dynamics.
  5. The first target is at the level of the previous bottom - 1.198, and the second one, in case of an active price decrease, is at the level - 1.195