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- The USD/CAD is trading near the Nov 2020 highs
The USD/CAD is trading near the Nov 2020 highs
Yesterday the USD/CAD traded higher and closed the day in positive territory near the price of C$1.3230. Today it was trading in a narrow range of C$1.3230-50, staying close to the November 2020 highs. On the hourly chart, USD/CAD is still trading above the moving average line MA (200) H1 (C$1.3110). 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$1.3295, С$1.3390, С$1.3420
Support levels are at: С$1.3140-55, С$1.3060, С$1.2955
The main scenario for the pair's promotion is the continuation of growth to $1.3295 (Nov 4' 2020 high).
The alternative scenario is a final consolidation below the MA 200 H1 line, followed by a fall to C$1.2955 (Sep 13 low).
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