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- The USD/CAD rose sharply
The USD/CAD rose sharply
Yesterday the USD/CAD traded in different directions in the range of 1.3930-1.4005 and closed the day without significant changes. Today the pair rose sharply, rising to 1.4175. On the hourly chart USD/CAD is trading above the moving average line MA (200) H1 (1.4350). On the four-hour chart the situation is similar. 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 to form a correction.
- Resistance levels are at: 1.4175, 1.4260, 1.4345
- Support levels are at: 1.4010, 1.3970, 1.3950
Probably, the main scenario is the resumption of growth to 1.4175 (session high).
The alternative scenario is consolidation below the MA 200 H1 line, followed by a decline to 1.3930 (Nov 25 low).
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