Control Zones for USDCAD on 09/07/20

The movement trend going up remains a priority because the pair failed to gain a foothold below the wcz a 1.3046 - 1.3034. The test of this zone led to an increase in demand. The first target of the upward movement is the maximum of the previous week. The main target is the weekly short-term target of 1.3248-1.3225.

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The downward movement trend last Friday compensated the latest increase but the "absorption" pattern of the daily level was not formed.

To cancel the upward movement, today's trading needs to be closed at below the WCZ a. In this case, it will open the way for the resumption of bearish momentum where the target will be at 1.2961 level.

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Daily Control Zone. An area formed by important data from the futures market that changes several times a year.

Weekly Control Zone. An area formed by important marks of the futures market that changes several times a year.

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