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- USD/CAD remains above MA 200 H1
USD/CAD remains above MA 200 H1
Yesterday, the USD/CAD was trading lower and closed the day in the red around the C$1.2520. Today it was trading in a narrow range of $1.2515-30, staying close to yesterday's closing price. On the hourly chart, USD/CAD is still trading above the moving average MA line (200) H1 (C$1.2515). The situation is similar on the four-hour chart. Based on the above, 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 at the end of the correction.
Resistances levels are at: С$1.2585, С$1.2600-05, С$1.2730
Support levels are at: C$1.2500, C$1.2475, C$1.2455
Probably, the main scenario is continued growth to C$1.2585 (Aug 10 high). An alternative scenario is consolidation below MA (200) H1, followed by a decline to C$1.2425 (Jul 30 low).
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