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- USD/CAD rises to 22-year high
USD/CAD rises to 22-year high
On Friday, the USD/CAD pair traded multidirectionally in a wide range of 1.4370-1.4560 and closed the session near the price of 1.4560. Today, since the beginning of trading, the pair has grown from 1.4670 to the 22-year-old 1.4790, but soon declined to 1.4700. On the hourly chart, the pair rose above the MA (200) H1 moving average line (1.4415) and above the MA 200 H4 (1.4385) on the four-hour chart. 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 H1, it is necessary to look for entry points to buy.
However, it is worth noting that the 14-day relative strength index (RSI (14) on D1) is above the 70 level, which signals a possible change in the direction of price movement.
Resistance levels are at: 1.4790, 1.4800, 1.4900
Support levels are at: 1.4670, 1.4595, 1.4515
The main scenario for the pair's progress suggests a breakout of the session high of 1.4790 and there may be an increase to the psychological level of 1.4800.
An alternative scenario implies a breakout of the session low of 1.4670, a decline to 1.4585 (Jan 30 high) and then, perhaps, to 1.4115 (Jan 21 high).
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