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

April 30, 2021 8:45:55 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.2315)
8:38
8:38
Apr. 30, 2021

-70 p
1.2350
Stop Loss
1.2280
Entry
+70 p
1.2210
Target 1
+95 p
1.2185
Target 2
Chart & Analyst Comments
USDCAD - Downward trend will continue, Short trade by market price recommended
  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. We are seeing an increase in Buy positions by market crowd, who are replenishing an already large number of "locked up" losing Buy 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. The drop in price will be accompanied by triggering of the market crowd’s Stop Losses, which in turn will serve as a “fuel” for the downward movement.