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- The USD/CAD is still testing the MA 200 H1 support
The USD/CAD is still testing the MA 200 H1 support
Yesterday, the USD/CAD traded mixed in the range of 1.3930-75 and closed the day without significant changes. Today it also traded in a narrow range of 1.3965-85, remaining close to yesterday's closing price. On the hourly chart, USD/CAD is testing the support - the MA (200) H1 moving average line (1.3995). On the four-hour chart, the pair is still above the MA 200 H4 line. 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 for buying at the end of the correction.
- Resistance levels are at: 1.4015, 1.4035, 1.4070
- Support levels are at: 1.3955, 1.3925-30, 1.3905-10
Probably, the main scenario is a resumption of growth to 1.4015 (Nov 20 high).
The alternative scenario is consolidation below the MA 200 H1 line, followed by a decline to 1.3905 (Nov 11 low).
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