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The market has stabilized, the first signs of an uptrend appeared

August 29, 2022 12:23:19 PM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Buy
StatusClosed (1.3100)
12:23
12:23
Aug. 29, 2022

+100 p
1.3100
Target 2
+70 p
1.3070
Target 1
1.3000
Entry
-70 p
1.2930
Stop Loss
Chart & Analyst Comments
main-buy-trend-2
  1. According to the most brokers’ data, more than half of the traders are currently in short positions on USDCAD. As a result, we recommend considering only Long trades at this time.
  2. The last downward movement was characterized by a “surge” in retail sellers. This is a good reason to start thinking about long positions.
  3. When the price decreases, a signal is formed (orange labels), which implies an upward movement.
  4. Price broke through the MVP line and rushed up. We consider this a sign for further USDCAD price increase.
  5. The first target is at the level of the previous peak - 1.307, and the second one, in case of an active price increase, is at the level - 1.31
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