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Control zones for USD/CAD on 11/22/19

Today, the Weekly Control Zone 1/4 1.3282-1.3278 is being tested, which allows us to consider the formation of the "absorption" pattern with the goal of entering a long position. The first resistance level will be the zone of the average course of the current week. Yesterday and the day before yesterday, a test of the average course was already taking place, which led to a sharp decline in the rate.

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It is important to understand that the middle course zone will act as resistance only until the end of the week, so purchases towards the medium-term bullish momentum can already be considered today.

An alternative model will be developed if the closure of today's trading occurs below the Weekly Control Zone 1/4. This will allow us to consider a further decline to Weekly Control Zone 1/2 1.3238-1.3229. This model is less likely, however, it should not be discounted. On the other hand, a decline to the Weekly Control Zone 1/2 will allow us to receive the most favorable prices for purchase.

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

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

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

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