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

November 30, 2020 7:03:50 AM by Alexander Zorevyk
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.2930)
7:01
7:01
Nov. 30, 2020

-60 p
1.3050
Stop Loss
1.2990
Entry
+60 p
1.2930
Target 1
+80 p
1.2910
Target 2
Chart & Analyst Comments
main-sell-market-trend-1
  1. Majority of traders are still holding onto Longs. This means we should continue to Sell USDCAD.
  2. In this sideways movement, retail traders prefer to hold long trades. There seem to be a major player interest in an downward movement.
  3. MVP line is above the price and acts as a resistance level.
  4. The first target is at the level of the previous bottom - 1.293, and the second one, in case of an active price decrease, is at the level - 1.291
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