The USD / CAD pair tested the WCZ 1/2 1.3142-1.3130 today, which made it possible to enter a long position. It is worth noting that the growth of the last two weeks has created the conditions for the formation of a reversal model of the older period. The first goal of the upward movement is the maximum of the current week.
The growth on September 8 is crucial for the upward movement. Until it is absorbed, the probability of continued growth is 70%.
To break the upward momentum, today's trading will need to close below the WCZ 1/2. This will indicate the need to cancel purchases. The search for favorable sales prices will become the basis of the plan tomorrow. The target of the downward movement will be the weekly control zone 1.3026-1.3004.
DCZ - daily control zone. A zone formed by important data from the futures market that changes several times a year.
WCZ - weekly control zone. A zone formed by important marks of the futures market that change several times a year.
MCZ - 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