14:19 The USD/CAD continues to test the MA 200 H1 resistance
Yesterday, the USD/CAD was trading lower and closed the day in the red zone around the C$1.2090. Today it was trading in a narrow range of C$1.2085-95, staying close to yesterday's closing price. On the hourly chart, USD/CAD is testing resistance - the MA (200) H1 (C$1.2080) moving average line. On the four-hour chart, it remains below the MA 200 H4 line for now. Based on the foregoing, it is probably worth sticking to the south direction in trading, and while the USD/CAD remains below 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$1.2130-40, С$1.2175, С$1.2200
Support levels are at: C$1.2055, C$1.2030, C$1.2005
Probably, the main scenario is the continuation of the decline to C$1.2055 (Jun 9 low). An alternative scenario is final consolidation above MA (200) H1 with a subsequent rise to C$1.2140 (May 27 high).
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