Control zones for USD/CAD on 08/21/20
Working in the direction of the downward movement remains a priority. The nearest goal is a monthly minimum. It is important to note that the local accumulation zone is formed on the third day. Going outside this zone will indicate further priority. The continuation of the pair’s declining is more likely.
On the other hand, working within the flat implies a partial fixing of a sale during the retest of the weekly control zone 1.3160-1.3137.
The option to continue the downward medium-term impulse will become relevant if the current week’s trading closes below the weekly control zone. This will open an opportunity to hold part of the short position to the level of 1.3050.
Daily CZ – daily control zone. A zone formed by important data from the futures market that changes several times a year.
Weekly CZ – weekly control zone. A zone formed by important marks of the futures market that change several times a year.
Monthly CZ – monthly control zone. A zone that reflects the average volatility over the past year.
The material has been provided by InstaForex Company – www.instaforex.com