On Friday, the USD/CAD pair traded higher and closed the day in positive territory near the price of 1.3605. Today the pair was trading in a narrow range of 1.3585-00, staying close to Friday's closing price. On the hourly chart, USD/CAD is still trading above the moving average line MA (200) H1 (1.3545). The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the north direction in trading, and as long as the pair remains above MA 200 H1, it may be necessary to look for entry points to buy for the formation of a correction.
Probably, the main scenario is continued growth towards 1.3640 (Aug 25 high).
The alternative scenario is consolidation below the MA 200 H1 line, followed by a decline to 1.3440 (Aug 15 low).
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