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- The USD/CAD tests MA 200 H1 resistance
The USD/CAD tests MA 200 H1 resistance
On Friday, the USD/CAD was traded with an increase and closed the day at a positive territory near the price C$1.2580. Today, it was trading in a narrow range C$1.2555-80, while staying near the Friday closure price. On the hourly chart, USD/CAD is tested for strength resistance - a sliding average line (200) H1 line (C$1.2515). On the four-hour graph, the MA 200 H4 line remains below. Based on the foregoing, it is likely to adhere to the southern direction in trade and until the USD/CAD fails above the MA 200 H1, it may be necessary to search for the entry points for sale to the end of the correction.
Resistance levels are on: C$1.2585, C$1.2665, C$1.2695
Support levels are on: C$1.2505, C$1.2450, C$1.2425
Probably, the main scenario is a continuation of the decline to $1.2505 (Jan 21 low). An alternative scenario is fixing above MA (200) H1, followed by increasing to $1.2665 (Jan 11 high).
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