Technical analysis USDCAD for 14.12.2023

The Tenkan-sen line is located below the Kijun-sen line. Both lines are directed downward. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is ready to roll over from ascending to descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest support is the level 1.34150. The closest resistance is the level 1.34525

Key levels

• 1.35450, 1.34900, 1.34525, 1.34150, 1.33725

Trading scenario

• Recommended opening short positions (Sell Stop) from the level of 1.34150, with Take Profit of 1.33725 and Stop Loss of 1.34525

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.34525, with Take Profit of 1.34900 and Stop Loss of 1.34150