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- USD/CAD was trading near April 2018 lows
USD/CAD was trading near April 2018 lows
Yesterday the USD/CAD traded in different directions in the range of C$1.2580-C$1.2650 and closed the day without significant changes. Today, it was trading in a narrow range of C$1.2585-15, staying close to the lows of April 2018. On the hourly chart, USD/CAD is still trading below the moving average MA (200) H1 (C$1.2670). 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$1.2650, С$1.2710, С$1.2745
Support levels are at: С$1.2580, С$1.2500, С$1.2400
Probably, the main scenario - is a continuation of the decline to C$1.2580 (Feb 22 low). 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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