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- USD/CAD is still testing MA 200 H1 support
USD/CAD is still testing MA 200 H1 support
Yesterday the USD/CAD traded higher and closed the day in positive territory near the price of C$1.2885. Today, it, on the contrary, fell, dropping to C$1.2820. On the hourly chart, USD/CAD is testing the strength of the support - the line of the moving average MA (200) H1 (С$1.2940). On the four-hour chart, the USD/CAD is still above the MA 200 H4 line. Based on the foregoing, it is probably worth sticking to the north direction in trading, and until the USD/CAD finally consolidates below MA 200 H1, it may be necessary to look for entry points to buy at the end of the correction.
Resistances levels are at: С$1.2895, С$1.2930, С$1.2980
Support levels are at: С$1.2795, С$1.2715, С$1.2685
Probably, the main scenario is continued growth towards the level of C$1.2895 (May 18 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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