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

March 29, 2022 7:14:12 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.2475)
7:14
7:14
Mar. 29, 2022
-65 p
1.2565
Stop Loss
1.2500
Entry
+60 p
1.2440
Target 1
Chart & Analyst Comments
main-sell-market-trend-1
  1. The Current Ratio indicator have reached a critical value, too many traders expect an upward movement. In this case, we recommend to Sell only.
  2. The number of profitable sellers has exceeded 75%. The downtrend is in its active phase. This confirms potential for a Short trade.
  3. 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.
  4. MVP line is above the price and acts as a resistance level.
  5. The risk-to-profit ratio allows us to set Take Profit for a Short trade at 1.244
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