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Technical Analysis

USDCAD continues yesterday's decline in MA 200

12-Jan-2022 11:45:09

Yesterday, the USDCAD was trading lower and closed the day in the red around the C$1.2575. It also dropped slightly today, dropping to the C$1.2550 level. On the hourly chart, USDCAD is still trading below the moving average MA line (200) H1 (C$1.2695). The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the south direction in trading, and while the USDCAD remains below MA 200 H1, it may be necessary to look for a sell entry point for the formation of a correction.

Resistances levels are at: С$1.2665, С$1.2695, С$1.2730
Support levels are at: С$1.2540-50, С$1.2480-90, С$1.2425

Probably, the main scenario is a continuation of the decline to C$1.2550 (low of the American session on Nov 17). An alternative scenario is consolidation above MA (200) H1, followed by growth to C$1.2960 (Dec 20 high).

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