Technical analysis USDCAD for 09.05.2022

The Tenkan-sen line is located above the Kijun-sen line. Both lines are directed upwards. Confirmatory line Chikou Span is above the price chart. In this case, the cloud is ascending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest support is the level 1.2975. The closest resistance is the level 1.3030

Key levels

• 1.3095, 1.3030, 1.2975, 1.2945, 1.2910, 1.2865, 1.2815

Trading scenario

• Recommended opening long positions (Buy) at the current price, with Take Profit of 1.3030 and Stop Loss of 1.2945

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.2910, with Take Profit of 1.2865 and Stop Loss of 1.2945