Technical analysis USDCAD for 12.01.2022

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 descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest support is the level 1.25000. The closest resistance is the level 1.25850

Key levels

• 1.29725, 1.29125, 1.28375, 1.27875, 1.27300, 1.26450, 1.25850, 1.25000, 1.24300

Trading scenario

• Recommended opening short positions (Sell Stop) from the level of 1.25000, with Take Profit of 1.24300 and Stop Loss of 1.25510

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.26450, with Take Profit of 1.27300 and Stop Loss of 1.25850