Technical analysis USDCAD for 11.05.2022

The Tenkan-sen line is located above the Kijun-sen line. Red points downwards while blue points upwards. Confirmatory line Chikou Span is above the price chart. In this case, the cloud is ascending. Instrument is traded between Tenkan-se and Kijun-sen lines. The closest support is the level 1.29100. The closest resistance is the level 1.29450

Key levels

• 1.30300, 1.29750, 1.29450, 1.29100, 1.28650, 1.28150

Trading scenario

• Recommended opening short positions (Sell Limit) from the level of 1.29450, with Take Profit of 1.29100 and Stop Loss of 1.29750

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.29750, with Take Profit of 1.30300 and Stop Loss of 1.29450