- 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.
- The last downward movement was characterized by a “surge” in retail sellers. This is a good reason to start thinking about long positions.
- When the price decreases, a signal is formed (orange labels), which implies an upward movement.
- Price broke through the MVP line and rushed up. We consider this a sign for further USDCAD price increase.
- 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
Chart & Analyst Comments
