Technical Analysis
20.11.2020, 07:02

The USD/CAD continues to test the MA 200 H1 resistance

Yesterday, the USD/CAD was trading lower and closed the day in the red zone near the C$1.3065. Today it was trading in a narrow range of C$1.3065-85, staying close to yesterday's closing price. On the hourly chart, USD/CAD is testing resistance - the moving average MA (200) H1 (С$1.3065). On the four-hour chart, it remains below the MA 200 H4 line. Based on the foregoing, it is probably worth sticking to the south direction in trading, and while the USD/CAD remains below MA 200 H1, it may be necessary to look for a sell entry point to form a correction.

  • Resistances levels are at: С$1.3120, С$1.3170, С$1.3295

  • Support levels are at: C$1.3035, C$1.2985, C$1.2930

Probably, the main scenario - is a continuation of the decline to C$1.3035 (Nov 18 low). An alternative scenario - may be fixing above MA (200) H1 with a subsequent rise to C$1.3170 (Nov 13 high).

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