FX.co ★ 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.

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.

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.