USDCAD - Downward trend will continue, Short trade by market price recommended
May 25, 2021 6:29:23 AM
Forecast Details
PairUSDCAD
Direction
Sell
StatusClosed
-60 p
1.2100
Stop Loss
1.2040
Entry
+60 p
1.1980
Target 1
+90 p
1.1950
Target 2
About Author
Alexander Zorevyk
Expert
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Total votes: 6
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Chart & Analyst Comments
- The Current Ratio indicator have reached a critical value, too many traders expect an upward movement. In this case, we recommend to Sell only.
- The activity of "fresh" bulls while the downward movement may indicate that the market crowd still does not believe in a Bearish trend.
- The number of profitable sellers has exceeded 75%. The downtrend is in its active phase. This confirms potential for a Short trade.
- The idea of this Sell forecast is based on a long-term downtrend, which is confirmed by the MVP indicator dynamics.
- 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
