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The Canadian dollar continues to weaken relative US currency. From the beginning of November, an ascending medium-term model is being formed which does not allow for sales of the instrument. The main transactions remain the purchase of a pair.
An upward movement last week continues in the current week. Yesterday's growth allowed the pair to once again reach the CCP 1/2 1.3239-1.3228. The close of trading took place above this zone which indicates the emergence of a new target for the upward movement - the weekly CP 1.3350-1.3331. For new purchases, a correctional movement is required since buying from current marks is no longer profitable. For those who hold a long position since last week, it needs to be transferred to breakeven. As in the case of a reversal pattern, the decline will allow to return to the level of 1.3070.
When adjusting the plan, it is necessary to take into account that the most favorable prices for the purchase are within the NKZ 1/2 1.3149-1.3139. The test of this zone will be decisive for the entire upward movement.
For breaking the current impulse, the growth of the last two days will be required. The closure of the American session should occur below the NCB 1/2 1.3149-1.3139. If this happens, then tomorrow sales will be pushed to the fore. The probability of formation of this model is 30%, which allows using it only as an auxiliary one. Sales from current grades are not profitable.
Daily CZ - daily control zone. The area formed by important data from the futures market which change several times a year.
Weekly fault - weekly control zone. The zone formed by the important marks of the futures market which change several times a year.
Monthly fault - monthly control zone. The zone which is a reflection of the average volatility over the past year.
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