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- The USD/CAD is testing resistance at MA 200 H1
The USD/CAD is testing resistance at MA 200 H1
The USD/CAD traded higher on Friday and closed the day in the positive territory near 1.3515. Today it traded in a narrow range of 1.3505-20, remaining close to Friday's closing price. On the hourly chart, USD/CAD is testing resistance - the MA (200) H1 (1.3525) 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: 1.3525, 1.3545, 1.3580-90
- Support levels are at: 1.3460-65, 1.3420-30, 1.3360-65
Probably, the main scenario is a continuation of the decline to 1.3465 (Sep 27 low).
The alternative scenario is consolidation above the MA 200 H1 line, followed by growth to 1.3645 (Sep 19 high).
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