USD/CAD control zones for February 5, 2020

The test of the weekly control zone 1.3292-1.3276 occurred at the beginning of the week. This made the fixing of the previously opened purchases possible. Meanwhile, the reversal pattern has not yet been formed, so it is quite early to completely exit the long position. The probability of continued growth is still high.

Sales from the current levels are not profitable, as the probability of testing the November high still remains above 70%. On the other hand, an alternative corrective model will be developed if the "false break" pattern of the weekly high is formed today. This will allow sales to be considered in the nearest support zone tomorrow.

Daily CZ - daily control zone. The zone 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 that reflects the average volatility over the past year.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Analysis are provided by InstaForex