Yesterday the USD/CAD traded in different directions in the range of С$1.2650-С$1.2710 and closed the day without significant changes. Today it also traded in a narrow range of C$1.2645-65, staying close to yesterday's closing price. On the hourly chart, USD/CAD is still trading above the moving average MA line (200) H1 (C$1.2615). The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the northern direction in trading, and while the USD/CAD remains above MA 200 H1, it may be necessary to look for buy entry points at the end of the correction.
Resistances levels are at: С$1.2710, С$1.2745, С$1.2775
Support levels are at: С$1.2630, С$1.2585, С$1.2540-50
Probably, the main scenario is continued growth towards C$1.2710 (Nov 24 high). An alternative scenario is consolidation below MA (200) H1, followed by a decline to C$1.2300 (Oct 27 low).
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