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- USD/CAD remains above MA 200 H1
USD/CAD remains above MA 200 H1
Yesterday the USD/CAD traded down and closed the day in the red zone near the price of C$1.2990. Today it was trading in a narrow range of C$1.2975-15, staying close to yesterday's closing price. On the hourly chart, USD/CAD is still trading above the MA (200) H1 moving average line (С$1.2890). The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the north direction in trading, and as long as the USD/CAD remains above MA 200 H1, it may be necessary to look for entry points to buy for the formation of a correction.
Resistances levels are at: С$1.3040-50, С$1.3100, С$1.3200
Support levels are at: С$1.2910-20, С$1.2860, С$1.2815
Probably, the main scenario is continued growth towards the level of C$1.3040 (May 11 high).
An alternative scenario is a consolidation below the MA 200 H1 line, followed by a fall to C$1.2715 (May 5 low).
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