Technical analysis USDCAD for 04.05.2022

The Tenkan-sen line is located above the Kijun-sen line. Red is directed downward, while blue remains horizontal. Confirmatory line Chikou Span crosses from top to bottom the price chart. In this case, the cloud is ascending. Instrument entered the cloud. The closest support is the top of the cloud. The closest resistance is the level 1.2785

Key levels

• 1.2900, 1.2810, 1.2785, 1.2720, 1.2660, 1.2605, 1.2535, 1.2425

Trading scenario

• Recommended opening short positions (Sell Limit) from the level of 1.2785, with Take Profit of 1.2720 and Stop Loss of 1.2810

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.2810, with Take Profit of 1.2900 and Stop Loss of 1.2785