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- USD/CAD pair tests MA (200) H1
USD/CAD pair tests MA (200) H1
Yesterday, the USD/CAD pair was trading mainly down from 1.4450 to the closing level of 1.4375. Today, the pair dropped to 1.4340 from the beginning of trading, but soon rose to 1.4390 and is testing the strength of the MA (200) H1 moving average line (1.4385). On the four-hour chart, the pair remains above the MA 200 H4 line (1.4255). Based on the above, it is probably worth sticking to the northern direction in trading and as long as the pair remains above the MA 200 H4, it is necessary to look for entry points to buy to form a correction.
Resistance levels are at: 1.4410, 1.4450-65, 1.4500
Support levels are at: 1.4340, 1.4280-1.4300, 1.4210
The main scenario for the pair's advance suggests a breakout of the resistance at 1.4410 (Jan 8 high) and there may be an increase to 1.4450-65 (Dec 19, Jan 3 and 13 highs)
An alternative scenario implies a breakout of the support 1.4340 (Jan 8 low) and there may be a decline to 1.4280-1.4300 (Jan 6-7 lows).
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