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Technical Analysis

The USDCAD remains above MA 200 H1

02-Mar-2023 08:55:43

Yesterday the USDCAD traded down and closed the day in the red zone near the price of C$1.3605. Today it, on the contrary, rose a little, having risen to the level of С$1.3625. On the hourly chart, USDCAD is still trading above the moving average line MA (200) H1 (С$1.3550). The situation is similar on the four-hour chart. Based on the foregoing, it is probably worth sticking to the north direction in trading, and as long as the USDCAD remains above MA 200 H1, it may be necessary to look for entry points to buy for the formation of a correction.

Resistances levels are at: С$1.3655-65, С$1.3685, С$1.3705
Support levels are at: С$1.3560, С$1.3525-35, С$1.3490

Probably, the main scenario is continued growth towards C$1.3655 (Mar 1 high).

The alternative scenario is a final consolidation below the MA 200 H1 line, followed by a fall to C$1.3440 (Feb 21 low).

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