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

October 28, 2019 8:02:27 PM by Patrick Yang
Forecast Details
PairUSDCAD
Direction Sell
StatusClosed (1.3145)
Start
End
Oct. 28, 2019
Nov. 4, 2019

-154 p
1.3210
Stop Loss
1.3055
Entry
+155 p
1.2900
Target 1
Chart & Analyst Comments
USDCAD - Downward trend will continue, Short trade by market price recommended

For today's forecast, we recommend a Sell Order at this recommended market price - 1.3055. This idea is based on the following analysis:

  1. The Current Ratios indicator have reached a critical value, too many traders expect an upward movement. In this case, we recommend to Sell only.
  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. Upward price movement is accompanied by reversal signals of Profit Ratio indicator.
  4. MVP line is above the price and acts as a resistance level.
  5. The price decrease will be accompanied by the trigger of market crowds’ stop losses, which in turn will serve as a "fuel" for the downward movement.