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- USD/CAD is testing the MA 200 H1 resistance
USD/CAD is testing the MA 200 H1 resistance
Yesterday the USD/CAD traded in different directions in the range of С$1.2680-С$1.2745 and closed the day without significant changes. Today it also traded in a narrow range of C$1.2685-10, staying close to yesterday's closing price. On the hourly chart, USD/CAD is testing resistance - the MA (200) H1 (C$1.2700) moving average line. 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$1.2765-80, С$1.2830-40, С$1.2870-80
Support levels are at: C$1.2675, C$1.2610-25, C$1.2590
Probably, the main scenario - is the continuation of the decline to C$1.2675 (low of the American session on Feb 16). An alternative scenario - may be final consolidation above MA (200) H1 with a subsequent rise to C$1.2845 (Feb 4 high).
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