Technical analysis USDCAD for 11.02.2022

Tenkan-sen and Kijun-sen lines are merged. 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 1.26450. The closest resistance is the level 1.27075

Key levels

• 1.28900, 1.28375, 1.27675, 1.27075, 1.26450, 1.25800, 1.25175, 1.24625

Trading scenario

• Recommended opening short positions (Sell) at the current price, with Take Profit of 1.26450 and Stop Loss of 1.27075

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.27075, with Take Profit of 1.27675 and Stop Loss of 1.26910