50.0% Correction Zone on USD/CAD

50.0% Correction Zone on USD/CAD

On Friday, February 8, aggressive sales of USD/CAD were observed. Loonie updated key lows. Today, the USD/CAD quotes are testing the 50.0% correction zone. The USD/CAD currency pair is tending to decline. Local support is the level of 1.32700. We recommend paying attention to this situation.

If the price fixes below 1.32700, it is necessary to look for entry points to the market to open short positions. The immediate goal for profit taking is the support level of 1.32400. The movement is tending to the round level of 1.32000. When following a position, we recommend using a trailing stop.

by JustForex 2019.02.11

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.

Open Account

Get Free Analytics

* required fields
Last Articles
All Articles
Best Forex Pairs for Scalping
"Sounds scary!" — someone may say about the word "scalping." But nothing to worry about. It is a trading strategy, and we'll tell you about it in this article!
Read more
Best Currency Pairs to Trade at Night
The Forex market works 24/5. If it never sleeps, does it have any special features during the nighttime? Yes. In this article, we explain trading nightlife and show the best currency pairs for this time. You will learn what subtleties exist in night trading and what you need to be prepared for.
Read more
The Best Forex Pairs To Trade In Malaysia
The increasing market volatility every day due to instability in the economic and political spheres is an alarming sign for many entrepreneurs. However, for a trader, price fluctuations mean a constant opportunity to earn money. Now is the best time to trade Forex in Malaysia, so find out what to look for when starting your investment career and how to choose the best trading symbols!
Read more