On Friday, the USD/CAD traded in different directions in the range of 1.3425-90 and closed the day without significant changes. Today the pair was trading in a narrow range of 1.3470-90, remaining close to Friday's closing price. On the hourly chart, USD/CAD is still trading below the moving average line MA (200) H1 (1.3490). The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the southern direction in trading and while the pair remains below MA 200 H1, it may be necessary to look for entry points to sell at the end of the correction.
Probably, the main scenario is a resumption of decline to 1.3425 (Sep 22 low).
The alternative scenario is consolidation above the MA 200 H1 line, followed by growth to 1.3585 (Sep 13 high).
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