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USD/CAD holds above 1.4000 after rally tests 1.4200
The pair is above the 100 and 200 four-hour simple moving averages, with first resistance at 1.4265 and support near 1.4165.
USD/CAD gained bullish momentum against the Canadian dollar, rising above 1.4000 and 1.4120, and it even tested the 1.4200 resistance level, according to Action Forex.
On the four-hour chart, the pair settled well above the 1.4000 level and above the 100 and 200 simple moving averages, with ActionForex.com noting a bullish trend line support at 1.4165.
The analysis points to 1.4240 as a further upside area if buyers stay in control, while Action Forex flags first major resistance at 1.4265, with a close above that level potentially prompting another push toward 1.4350.
On the downside, the first major support is cited near 1.4100, with a close below it potentially accelerating a drop toward 1.3980 and toward the 100 simple moving average on the four-hour chart.