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

July 26, 2021 7:19:34 AM by Alexander Zorevyk
Forecast Details
Direction Sell
StatusClosed (1.2580)
Jul. 26, 2021

-75 p
Stop Loss
+65 p
Target 1
+90 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. In this sideways movement, retail traders prefer to hold long trades. There seem to be a major player interest in an downward movement.
  3. The number of profitable sellers has exceeded 75%. The downtrend is in its active phase. This confirms potential for a Short trade.
  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. In the left orderbook, we see a cluster of stop losses and stop orders right at the level of the previous bottom. This is a good level for placing take profit according to our forecast.
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