Technical analysis USDCAD for 28.12.2021

The Tenkan-sen line is located below the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest support is the level 1.27700. The closest resistance is the level 1.28325

Key levels

• 1.29575, 1.29175, 1.28725, 1.28325, 1.27700, 1.27300, 1.26825, 1.26450, 1.26075

Trading scenario

• Recommended opening short positions (Sell) at the current price, with Take Profit of 1.27700 and Stop Loss of 1.28205

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.28325, with Take Profit of 1.28725 and Stop Loss of 1.28090