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- The USD/CAD slightly rose
The USD/CAD slightly rose
Yesterday the USD/CAD traded in different directions in the range of 1.4380-1.4520 and closed the day without significant changes. Today it slightly rose, rising to 1.4450. On the hourly chart USD/CAD is still trading above the moving average line MA (200) H1 (1.4405). 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: 1.4520, 1.4540, 1.4590
- Support levels are at: 1.4380, 1.4355, 1.4280
Probably, the main scenario is continued growth to 1.4250 (Mar 11 high).
An alternative scenario is consolidation below the MA 200 H1 line, followed by a decline to 1.4240 (Mar 6 low).
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