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- The USD/CAD remains above MA 200 H1
The USD/CAD remains above MA 200 H1
Yesterday, the USD/CAD traded lower and closed the day in the red near 1.4015. Today it traded in a narrow range of 1.4010-30, remaining near yesterday's closing price. On the hourly chart, USD/CAD is still trading above the MA (200) H1 moving average line (1.3970). 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: 1.4070, 1.4100, 1.4140
- Support levels are at: 1.3995-05, 1.3970, 1.3925-30
Probably, the main scenario is continued growth to 1.4070 (high of the American session on Nov 18).
The alternative scenario is consolidation below the MA 200 H1 line, followed by a decline to 1.3840 (Nov 7 low).
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