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- The USD/CAD is testing MA 200 H1 support
The USD/CAD is testing MA 200 H1 support
Yesterday the USD/CAD traded in different directions in the range С$1.3270-С$1.3305 and closed the day without significant changes. Today it fell a little, dropping to C$1.3255. On the hourly chart, USD/CAD is testing the strength of the support - the line of the moving average MA (200) H1 (С$1.3275). On the four-hour chart, it is still below the MA 200 H4 line. 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 at the end of the correction.
Resistances levels are at: С$1.3305, С$1.3345, С$1.3385
Support levels are at: С$1.3245, С$1.3205, С$1.3175
Probably, the main scenario is continued growth towards C$1.3305 (Jul 10 high).
The alternative scenario is a final consolidation below the MA 200 H1 line, followed by a fall to C$1.3115 (Jun 27 low).
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