Technical Analysis
26.05.2023, 06:22

The USD/CAD is trading near a 4-week high

Yesterday the USD/CAD traded higher and closed the day in the positive territory near the price of C$1.3635. Today it was trading in a narrow range of C$1.3635-55, staying close to a 4-week high. On the hourly chart, USD/CAD is still trading above the MA (200) H1 moving average line (С$1.3515). 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 USD/CAD remains above MA 200 H1, it may be necessary to look for entry points to buy for the formation of a correction.

  • Resistances levels are at: С$1.3655-65, С$1.3695-05, С$1.3745

  • Support levels are at: С$1.3620, С$1.3585, С$1.3530

Probably, the main scenario is continued growth to C$1.3655 (session high).

The alternative scenario is a final consolidation below the MA 200 H1 line, followed by a fall to C$1.3405 (May 16 low).

Symbol Bid Ask Time

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