Control zones for USDCAD on 07/29/20

The fall of the pair is a priority, so keeping sales will be beneficial. The 1.3314 level is within the average daily move, which is the June low. A test of this level will increase the likelihood of a large demand.

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It is important to note that the June low coincides with WCZ 1/2 1.3322-1.3310. This indicates the importance of the range for making trading decisions.

An alternative pattern of continuing the fall will develop if the close of today's trading occurs below 1.3314. This will increase the likelihood of the Canadian dollar strengthening even further

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Daily CZ - daily control zone. The area formed by important data from the futures market, which changes several times a year.

Weekly CZ - weekly control zone. The zone formed by important marks of the futures market, which changes several times a year.

Monthly CZ - monthly control zone. The zone, which is a reflection of the average volatility over the past year.

The material has been provided by InstaForex Company - www.instaforex.com