Technical analysis

08 April 2021

14:23 The USD/CAD is testing the MA 200 H1 resistance

Yesterday the USD/CAD was trading higher and closed the day in positive territory around the C$1.2605. Today it was trading in a narrow range of C$1.2605-25, staying close to yesterday's closing price. On the hourly chart, USD/CAD is testing resistance - the MA (200) H1 (С$1.2575) moving average line. The situation is similar on the four-hour chart. Based on the above, it is probably worth sticking to the south direction in trading and until the USD/CAD finally consolidates above MA 200 H1, it may be necessary to look for a sell entry point at the end of the correction.

  • Resistances levels are at: С$1.2635-45, С$1.2680, С$1.2735

  • Support levels are at: C$1.2585, C$1.2540, C$1.2505

Probably, the main scenario - is a continuation of the decline to C$1.2580 (low of the American session on Apr 7). An alternative scenario - may be consolidation above MA (200) H1 with a subsequent rise to C$1.2645 (Mar 30 high).

08 April 2021, 14:06

AUD/USD remains below MA 200 H1

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