Control zones for USD/CAD on July 23, 2020

The priority is still to lower the quote in the trading chart, however, the pair is currently trading near the weekly control zone, which increases the likelihood of the impulse stopping and a correction forming within the chart. When testing the zone, a consolidation of short positions is needed.

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To short the quote, it is important to remember that strong impulses have a high chance of continuing, so any growth should be used to find profitable selling positions.

Thus, in order to get these profitable selling prices, a rise to last week's low is needed, which will give an opportunity to re-enter a bearish mood. Hold sales until the quote tests June's low, which is located at 1.3314.

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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 area formed by the important marks of the futures market, which changes several times a year.

Monthly CZ - monthly control zone. The area that reflects the average volatility over the past year.

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