Yesterday the USD/CAD traded lower and closed the day in the red around the price of 1.3530. Today it was trading in a narrow range of 1.3520-40, staying close to yesterday's closing price. On the hourly chart, USD/CAD is testing the strength of the support - the line of the moving average MA (200) H1 (1.3565). On the four-hour chart, the pair is still above the MA 200 H4 line. 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 at the end of the correction.
Probably, the main scenario is a resumption of growth towards 1.3565 (the high of the American session on Aug 30).
The alternative scenario is fixing below the MA 200 H1 line, followed by a decline to 1.3495 (Aug 21 low).
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