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61.8% correction zone on USD/CAD

61.8% correction zone on USD/CAD

Last week aggressive sales of USD/CAD were observed. The quotes updated local extremes. On Tuesday, May 15, the trading instrument held a 61.8% correction zone, which caused a continuing downward trend. At the moment, the price is testing the key support level of 1.27500. The USD/CAD currency pair is tending to decrease. We recommend you to pay attention to this situation.

If the price fixes below 1.27500, it is necessary to consider selling USD/CAD. The immediate goal for fixing profits is the round level of 1.27000. In the medium term, USD/CAD may reach the level of 1.26500-1.26200. Confirmations and entry points to the market should be looked for on lower timeframes. When tracking the position, we recommend using a trailing stop.

by JustMarkets, 2018.05.17

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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