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- The USD/CAD is trading near Oct 2023 highs
The USD/CAD is trading near Oct 2023 highs
Yesterday, USD/CAD traded higher and closed the day in the positive territory near 1.3855. Today, it traded in a narrow range of 1.3840-65, remaining near October 2023 highs. On the hourly chart, USD/CAD is still trading above the moving average line MA (200) H1 (1.3775). On the four-hour chart, the situation is similar. Based on the above, it is probably worth sticking to the northern direction in trading and while the pair remains above MA 200 H1, it may be necessary to look for entry points to buy for the formation of a correction.
- Resistance levels are at: 1.3865, 1.3900, 1.3975
- Support levels are at: 1.3815, 1.3795, 1.3775
Probably, the main scenario is continued growth to 1.3865 (Jul 29 high).
The alternative scenario is consolidation below the MA 200 H1 line, followed by a decline to 1.3670 (Jul 18 low).
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