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- The USD/CAD is trading near a 2-month high
The USD/CAD is trading near a 2-month high
Yesterday, the USD/CAD traded higher and closed the day in the positive territory around the price of 1.3560. Today the pair was trading in a narrow range of 1.3555-70, remaining near a 2-month high. On the hourly chart, USD/CAD is still trading above the moving average line MA (200) H1 (1.3470). The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the north direction in trading and while the pair remains above MA 200 H1, may be you need to look for entry points to buy at the end of the correction.
- Resistances levels are at: 1.3585-90, 1.3620-25, 1.3660
- Support levels are at: 1.3545, 1.3520, 1.3435
Probably, the main scenario is continued growth to 1.3585 (Feb 13 high).
The alternative scenario is consolidation below the MA 200 H1 line, followed by a decline to 1.3365 (Feb 2 low).
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