USDCAD - Upward trend will continue, Long trade by market price recommended
December 2, 2019 8:36:15 PM
Forecast Details
PairUSDCAD
Direction
Buy
StatusClosed (1.3175)
+120 p
1.3415
Target 1
1.3295
Entry
-120 p
1.3175
Stop Loss
About Author
Patrick Yang
Expert
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Chart & Analyst Comments
- The Current Ratio indicator have reached a critical value, too many traders expect a downward movement. In this case, we recommend to Buy only.
- In this sideways movement, retail traders prefer to hold short trades. There seem to be a major player interest in an upward movement.
- When the price decreases, a signal is formed (orange labels), which implies an upward movement.
- These accumulation of retail traders stop losses coincide with the level of the previous high. This level will serve as the target for our trade.
- Stop loss should be taken out of the sellers cluster. If the price passes it, it will likely go on.