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.
The dynamics of the Ratios indicator signals for Short opportunities. Pay attention to the area marked on the image.
The activity of "fresh" buyers in an uptrend may indicate that the market expects the recovery of the bull trend. However, according to our analysis, this movement is corrective and we expect the price to go down.
MVP line is above the price and acts as a resistance level.
The first target is at the level of the previous bottom - 1.3725, and the second one, in case of an active price decrease, is at the level - 1.37