Technical analysis USDCAD for 14.10.2022

Tenkan-sen and Kijun-sen lines are merged. Both lines are horizontal. Confirmatory line Chikou Span is above the price chart. In this case, the cloud is ascending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest support is the level 1.3870. The closest resistance is the level 1.3965

Key levels

• 1.4115, 1.3965, 1.3870, 1.3800, 1.3725, 1.3630, 1.3500

Trading scenario

• Recommended opening long positions (Buy) at the current price, with Take Profit of 1.3965 and Stop Loss of 1.3800

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.3800, with Take Profit of 1.3630 and Stop Loss of 1.3870