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- The USD/CAD remains above MA 200 H1
The USD/CAD remains above MA 200 H1
The USD/CAD traded higher on Friday and closed the day in the positive territory near 1.4090. Today it traded in a tight range of 1.4070-90, remaining near Friday's closing price. On the hourly chart, USD/CAD is still trading above the MA (200) H1 moving average line (1.3955). The situation is similar on the four-hour chart. 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: 1.4105, 1.4140, 1.4170
- Support levels are at: 1.4035, 1.3995-05, 1.3970
Probably, the main scenario is continued growth to 1.4105 (Nov 15 high).
The alternative scenario is consolidation below the MA 200 H1 line, followed by a decline to 1.3815 (Nov 6 low).
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