Technical analysis USDCAD for 29.03.2022

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 1.24775. The closest resistance is the level 1.25275

Key levels

• 1.27290, 1.26675, 1.26200, 1.25700, 1.25275, 1.24775, 1.24175, 1.23600

Trading scenario

• Recommended opening short positions (Sell Limit) from the level of 1.25275, with Take Profit of 1.24775 and Stop Loss of 1.25700

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.25700, with Take Profit of 1.26200 and Stop Loss of 1.25275