The downward movement remains a medium-term momentum, since the pair failed to gain a foothold above the WCZ 1/2. Today, the pair is trading at a monthly low, which may lead to a growth in demand. The appearance of a buy pattern will allow you to enter a long position within the formed accumulation zone.
Working within the flat implies searching for favorable prices at the borders of the range. The goal for long deals is the current week's high.
To continue the fall, today's trading will have to close below the weekly CZ. This will allow you to look for opportunities for new sales tomorrow. The pair is trading within the monthly volatility zone, so strengthening the Canadian dollar is a priority and has a good potential.
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