USD/CAD tests MA 200 H1

Yesterday, the USD/CAD pair traded mostly with a decline and closed the day near the price C$1.2665. Today, the pair was trading in the range C$1.2665-85 - near the closing level of yesterday's session. On the hourly chart, USD/CAD is testing the MA (200) H1 moving average line (C$1.2700). The situation is similar on the four-hour chart. Technically speaking, resistance C$1.2720 can keep prices from rising. If it breaks through, prices may soar to C$1.2785-95. The lower bound C$1.2650-60 represents the support level. The most probable range of the pair's movement for today may be hidden in the aisles of the range C$1.2650-1.2720.

• Resistances levels are at:  С$1.2700-20, С$1.2785-95, С$1.2850

• Support levels are at: С$1.2650-60, С$1.2560, С$1.2500

The main scenario for the promotion of the pair - resistance breakout C$1.2720 (February 8 high) and there may be an increase in the pair to C$1.2785-95 (January 28 and February 4 highs).

Alternative scenario - If the support C$1.2650-60 (January 27, 1-3 and February 7 lows) is broken, then the pair may fall to C$1.2560 (January 26 low).