Technical analysis USDCAD for 05.05.2022

The Tenkan-sen line is located below the Kijun-sen line. Red is directed downward, while blue remains horizontal. Confirmatory line Chikou Span is above the price chart. In this case, the cloud is ready to roll over from ascending to descending. Instrument adjusted to the Kijun-sen line. The closest resistance is the level 1.28560. The closest support is the level 1.27830

Key levels

• 1.29460, 1.29050, 1.28560, 1.27830, 1.27330, 1.26670

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.28560, with Take Profit of 1.29050 and Stop Loss of 1.28200

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.27830, with Take Profit of 1.27330 and Stop Loss of 1.28200