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- The USD/CAD is still testing the MA 200 H1 resistance
The USD/CAD is still testing the MA 200 H1 resistance
Yesterday, the USD/CAD traded higher and closed the day in the positive territory near 1.3545. Today it fell slightly, falling to 1.3535. On the hourly chart, USD/CAD is testing the resistance - the MA (200) H1 (1.3500) moving average line. On the four-hour chart, the pair is still below the MA 200 H4 line. Based on the above, it is probably worth sticking to the southern direction in trading and while the pair remains below MA 200 H1, it may be necessary to look for entry points for sale at the end of the correction.
- Resistance levels are at: 1.3560-70, 1.3590, 1.3615
- Support levels are at: 1.3505, 1.3485, 1.3465
Probably, the main scenario is a continuation of the decline to 1.3505 (low of the European session on Sep 3).
The alternative scenario is consolidation above the MA 200 H1 line, followed by growth to 1.3620 (Aug 22 high).
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