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- The USD/CAD is still testing MA 200 H1 support
The USD/CAD is still testing MA 200 H1 support
Yesterday the USD/CAD traded down and closed the day in the red zone near the price of C$1.3665. Today it rose a little, rising to C$1.3690. On the hourly chart, USD/CAD is still testing the strength of the support - the line of the moving average MA (200) H1 (С$1.3745). On the four-hour chart, the USD/CAD is still above the MA 200 H4 line. Based on the foregoing, it is probably worth sticking to the north direction in trading, and as long as the USD/CAD remains above MA 200 H1, it may be necessary to look for entry points to buy at the end of the correction.
Resistances levels are at: С$1.3745, С$1.3770-85, С$1.3815
Support levels are at: С$1.3650, С$1.3625, С$1.3600
Probably, the main scenario is continued growth towards C$1.3745 (Mar 20 high).
The alternative scenario is a final consolidation below the MA 200 H1 line, followed by a fall to C$1.3555 (Mar 3 low).
