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- The USD/CAD pair is trading near a 5-year high
The USD/CAD pair is trading near a 5-year high
Yesterday, the USD/CAD pair dropped sharply from 1.4485 to 1.4260, but closed the session near the price of 1.4305. Today, since the beginning of trading, the pair has risen sharply from 1.2390 to a 5-year high of 1.4515, but has since declined slightly and is at 1.4440 at the time of writing. On the hourly chart, the pair is testing the MA (200) H1 moving average line (1.4390) and on the four-hour MA 200 H4 chart (1.4305). Based on the above, it is probably worth sticking to the northern direction in trading and as long as the pair remains above the MA 200 H4, it is necessary to look for entry points to buy.
Resistance levels are at: 1.4485, 1.4515, 1.4570
Support levels are at: 1.4390, 1.4300, 1.4260
The main scenario for the pair's advance suggests a breakout of the resistance at 1.4485 (Dec 20 high) and there may be an increase to the session high of 1.4515.
An alternative scenario implies a decline to 1.4300 (Jan 15 low) and then maybe to 1.4260 (Jan 20 low).
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