Technical Analysis
16.10.2020, 06:05

USD/CAD is testing the MA 200 H1 resistance

Yesterday the USD/CAD was trading higher and closed the day in positive territory around the C$1.3220. Today it was trading in a narrow range of С$1.3215-35, staying close to yesterday's closing price. On the hourly chart, USD/CAD is testing the resistance - the MA (200) H1 (С$1.3195) moving average line. The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the southern direction in trading and until the pair finally consolidates above MA 200 H1, it may be necessary to look for entry points to sell on the formation of a correction.

  • Resistances levels are at: С$1.3255, С$1.3285, С$1.3340

  • Support levels are at: С$1.3180, С$1.3100-15, С$1.3075

Probably, the main scenario - is a continuation of the decline to C$1.3180 (low of the American session on Oct 15). An alternative scenario - may be consolidation above MA (200) H1 with a subsequent rise to C$1.3340 (Oct 7 high).

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