USDCAD - Downward trend will continue, Short trade by market price recommended
April 30, 2021 8:45:55 AM
Forecast Details
PairUSDCAD
Direction
Sell
StatusClosed (1.2315)
-70 p
1.2350
Stop Loss
1.2280
Entry
+70 p
1.2210
Target 1
+95 p
1.2185
Target 2
About Author
Alexander Zorevyk
Expert
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Total votes: 10
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Chart & Analyst Comments
- The Current Ratio indicator have reached a critical value, too many traders expect an upward movement. In this case, we recommend to Sell only.
- We are seeing an increase in Buy positions by market crowd, who are replenishing an already large number of "locked up" losing Buy positions.
- The Profit Ratio reversal indicator doesn't react on downward movement. This means that the movement is not fake.
- MVP line is above the price and acts as a resistance level.
- 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.
