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- USD/CAD remains below MA 200 H1
USD/CAD remains below MA 200 H1
Yesterday the USD/CAD was trading lower and closed the day in the red zone near the price of C$1.2695. Today it was trading in a narrow range of $1.2690-10, staying close to yesterday's closing price. On the hourly chart, USD/CAD is still trading below the moving average MA line (200) H1 (C$1.2785). The situation is similar on the four-hour chart. 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$1.2765-80, С$1.2830-40, С$1.2870-80
Support levels are at: C$1.2685, C$1.2590-05, C$1.2500
Probably, the main scenario - is the continuation of the decline to C$1.2685 (Jan 27 low). An alternative scenario - may be final consolidation above MA (200) H1 with a subsequent rise to C$1.2880 (Jan 28 high).
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