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

July 29, 2022 7:29:30 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.2785)
7:29
7:29
Jul. 29, 2022

-60 p
1.2855
Stop Loss
1.2795
Entry
+60 p
1.2735
Target 1
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. The last upward movement was characterized by a “surge” in retail buyers. This is a good reason to start thinking about short positions.
  3. The Profit Ratio reversal indicator doesn't react on downward movement. This means that the movement is not fake.
  4. MVP line is above the price and acts as a resistance level.
  5. Stop loss should be taken out of the buyers cluster. If the price passes it, it will likely go on.
  6. Set Take Profit at the local low, beyond which there is a cluster of orders.
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