Technical analysis USDCAD for 11.03.2022

The Tenkan-sen line is located below the Kijun-sen line. Red points downwards while blue points upwards. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is ascending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest support is the level 1.26825. The closest resistance is the level 1.27425

Key levels

• 1.28900, 1.28350, 1.27800, 1.27425, 1.26825, 1.26225, 1.25575

Trading scenario

• Recommended opening short positions (Sell Stop) from the level of 1.26825, with Take Profit of 1.26225 and Stop Loss of 1.27100

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.27800, with Take Profit of 1.28350 and Stop Loss of 1.27425