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.

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