The market has stabilized, the first signs of a downtrend appeared

August 26, 2020 6:46:47 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.315)
6:43
6:43
Aug. 26, 2020

-60 p
1.3260
Stop Loss
1.3200
Entry
+50 p
1.3150
Target 1
+75 p
1.3125
Target 2
Chart & Analyst Comments
The market has stabilized, the first signs of a downtrend appeared
  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 decrease in the sellers volume, together with the increase in the buyers volume, confirms the need to Sell according to our trading idea.
  3. MVP line is above the price and acts as a resistance level.
  4. The drop in price will be accompanied by triggering of the market crowd’s Stop Losses, which in turn will serve as a “fuel” for the downward movement.