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Since the beginning of November, USD / CAD has been developing upward dynamics against the background of the strengthening of the US dollar due to the increased likelihood of an imminent increase in the FRS interest rate. The pair is traded above the important long-term support level 1.2630 (EMA200 on the daily chart). The breakdown of the key resistance level 1.2870 (ЕМА200 on the weekly chart) will mean the final completion of the downward correction and the return of USD / CAD into the zone of the long-term bull market.
In the alternative scenario, the USD / CAD will resume decline and the first signals for the implementation of this scenario have already been received: the price has broken two important support levels - 1.2751 (ЕМА200 on the 1-hour chart), 1.2740 (ЕМА200 on the 4-hour chart and the Fibonacci level 38.2% of downward correction in the wave of USD / CAD growth from 0.9700 to 1.4600).
A breakdown of the key support level 1.2540 (ЕМА200 on the monthly chart) will mean a return of USD / CAD to the bear market zone.
Support levels: 1.2705, 1.2630, 1.2540, 1.2290, 1.2165, 1.2010
Resistance levels: 1.2740, 1.2751, 1.2870, 1.2900
Trading scenarios
Sell Stop 1.2685. Stop-Loss 1.2760. Take-Profit 1.2630, 1.2540, 1.2290, 1.2165, 1.2010
Buy Stop 1.2760. Stop-Loss 1.2685. Take-Profit 1.2870, 1.2900, 1.3000, 1.3200
