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- USD / CAD under the control of bears
USD / CAD under the control of bears
On Friday, since the beginning of trading, the USD/CAD pair was trading with an increase to C$1.2570, but during the US session it sharply declined to C$1.2460, reaching a three-year low. Today, the pair was trading in a narrow range C$1.2455-90, remaining close to Friday's closing price. On the hourly chart, USD / CAD is trading below the MA (200) H1 moving average line (C$1.2620). On the four-hour chart, the situation is similar. Based on the above, it is probably worth sticking to the south direction in trading and as long as the pair remains below MA 200 H1, it is necessary to look for entry points for selling.
Resistances levels are at: С$1.2520, С$1.2570, С$1.2620-25
Support levels are at: С$1.2455, С$1.2400, С$1.2300
Probably, the main scenario - if the session low C$1.2455 is broken, the pair may fall to the psychological level C$1.2400
An alternative scenario - break of resistance C$1.2520 (March 11 low) and may be an increase C$1.2570 (March 12 high).
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