The current downward movement is corrective, so it is necessary to identify meaningful support in strengthening the Canadian dollar. The main support will be the WCZ 1/2 1.3111-1.3103. A test of this zone will indicate further priority. If the reaction is an increase in demand, it means that purchases will come to the fore again. The first growth target will be the weekly CZ 1.3206-1.3189.
Now the pair is trading within the framework of the local flat, therefore, deals from current levels are not profitable to either side.
An alternative model will be developed in case the pair can consolidate below the level of 1.3103 in today's US session. This will indicate the completion of the upward momentum and the transition to a bearish phase. The probability of the implementation of this model is still at 30%.
Daily CZ - daily control zone. The area formed by important data from the futures market, which change several times a year.
Weekly CZ - weekly control zone. The zone formed by important marks of the futures market, which change several times a year.
Monthly CZ - monthly control zone. The zone, which is a reflection of the average volatility over the past year.
