Technical Analysis
17.03.2023, 08:03

The USD/CAD is testing MA 200 H1 support

Yesterday the USD/CAD traded down and closed the day in the red zone near the price of C$1.3720. Today it also fell a little, dropping to C$1.3685. On the hourly chart, USD/CAD is testing the strength of the support - the line of the moving average MA (200) H1 (С$1.3740). On the four-hour chart, the USD/CAD 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 USD/CAD remains above MA 200 H4, it may be necessary to look for entry points to buy at the end of the correction.

  • Resistances levels are at: С$1.3785, С$1.3815, С$1.3845-60

  • Support levels are at: С$1.3650-60, С$1.3625, С$1.3600

Probably, the main scenario is continued growth towards C$1.3785 (Mar 16 high).

The alternative scenario is a final consolidation below the MA 200 H1 line, followed by a fall to C$1.3555 (Mar 3 low).

Symbol Bid Ask Time

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