Technical analysis USDCAD for 16.12.2021

The Tenkan-sen line is located above the Kijun-sen line. Red is directed downward, while blue remains horizontal. Confirmatory line Chikou Span is above the price chart. In this case, the cloud is ascending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest resistance is the level 1.27950. The closest support is the top of the cloud

Key levels

• 1.29400, 1.28975, 1.28380, 1.27950, 1.27300, 1.26835, 1.26200, 1.25545

Trading scenario

• Recommended opening short positions (Sell Stop) from the level of 1.27300, with Take Profit of 1.26835 and Stop Loss of 1.27645

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.28380, with Take Profit of 1.28975 and Stop Loss of 1.27950