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

July 26, 2021 7:19:34 AM by Alex Zarevich
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.2580)
7:17
7:17
Jul. 26, 2021

-75 p
1.2655
Stop Loss
1.2580
Entry
+65 p
1.2515
Target 1
+90 p
1.2490
Target 2
Chart & Analyst Comments
main-sell-market-trend-1
  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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