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- The USD/CAD rose slightly
The USD/CAD rose slightly
Yesterday, the USD/CAD traded lower and closed the day in the red zone near the price of 1.4390. Today, on the contrary, it rose slightly, rising to the mark of 1.4435. On the hourly chart, USD/CAD is still trading above the moving average line MA (200) H1 (1.4250). 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: 1.4465, 1.4500, 1.4600
- Support levels are at: 1.4345, 1.4305-15, 1.4270
Probably, the main scenario is the resumption of growth to 1.4465 (Dec 19 high).
The alternative scenario is consolidation below the MA 200 H1 line, followed by a decline to 1.4120 (Dec 11 low).
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