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

March 23, 2020 7:00:17 PM by Patrick Yang
Forecast Details
PairUSDCAD
Direction Buy
StatusClosed (1.4275)
Start
End
Mar. 23, 2020
Mar. 30, 2020

+250 p
1.4750
Target 1
1.4500
Entry
-225 p
1.4275
Stop Loss
Chart & Analyst Comments
USDCAD - Upward trend will continue, Long trade by market price recommended

For today's forecast, we recommend a Buy Order at this recommended market price - 1.45. This idea is based on the following analysis:

  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. The last downward movement was characterized by a “surge” in retail sellers. This is a good reason to start thinking about long positions.
  3. MVP line is below the price and acts as a support level.
  4. We are setting Stop Loss for our Buy trade at the level with the lowest amount of stop losses of other market participants.