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USDCAD - Upward trend will continue, Long trade by market price recommended

December 2, 2019 8:36:15 PM by Patrick Yang
Forecast Details
PairUSDCAD
Direction Buy
StatusClosed (1.3175)
Start
End
Dec. 2, 2019
Dec. 9, 2019
+120 p
1.3415
Target 1
1.3295
Entry
-120 p
1.3175
Stop Loss
Chart & Analyst Comments
main-buy-market-trend-1
  1. The Current Ratio indicator have reached a critical value, too many traders expect a downward movement. In this case, we recommend to Buy only.
  2. In this sideways movement, retail traders prefer to hold short trades. There seem to be a major player interest in an upward movement.
  3. When the price decreases, a signal is formed (orange labels), which implies an upward movement.
  4. 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.
  5. Stop loss should be taken out of the sellers cluster. If the price passes it, it will likely go on.
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