Technical analysis USDCAD for 16.03.2022

The Tenkan-sen line crosses from top to bottom the Kijun-sen line. Red is directed downward, while blue remains horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud turned over from ascending to descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest resistance is the level 1.2760. The closest support is the level 1.2720

Key levels

• 1.2900, 1.2830, 1.2785, 1.2760, 1.2720, 1.2690, 1.2650, 1.2620

Trading scenario

• Recommended opening long positions (Buy) at the current price, with Take Profit of 1.2760 and Stop Loss of 1.2720

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.2720, with Take Profit of 1.2650 and Stop Loss of 1.2760