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- The USD/CAD fell
The USD/CAD fell
On Friday, USD/CAD traded mixed in the range of 1.3955-1.4020 and closed the day without significant changes. Today it fell, dropping to 1.3930. On the hourly chart, USD/CAD is testing the support - the moving average line MA (200) H1 (1.4000). On the four-hour chart, the pair still remains 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: 1.3990, 1.4020, 1.4035
- Support levels are at: 1.3930, 1.3905-10, 1.3880
Probably, the main scenario is a resumption of growth to 1.3990 (high of the American session on Nov 22).
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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