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- USD/CAD is trading near a 5-week high
USD/CAD is trading near a 5-week high
On Friday, the USD/CAD was trading higher and closed the day in positive territory around the C$1.2160. Today it was trading in a narrow range of C$1.2150-65, remaining close to the 5-week high. On the hourly chart, USD/CAD is still trading above the moving average MA line (200) H1 (C$1.2090). On the four-hour chart, it remains above the MA 200 H4 line for now. Based on the foregoing, it is probably worth sticking to the northern direction in trading, and while the USD/CAD remains above MA 200 H1, it may be necessary to look for buy entry points for the formation of a correction.
Resistances levels are at: С$1.2175, С$1.2200, С$1.2245
Support levels are at: C$1.2100, C$1.2060-70, C$1.2030
Probably, the main scenario is continued growth to C$1.2175 (Jun 11 high). An alternative scenario is final consolidation below MA (200) H1, followed by a decline to C$1.2005 (Jun 1 low).
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