Technical analysis USDCAD for 16.05.2022

The Tenkan-sen line is located below the Kijun-sen line. Both lines are directed downward. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is ascending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest support is the level 1.28810. The closest resistance is the level 1.29300

Key levels

• 1.30500, 1.30000, 1.29300, 1.28810, 1.28150, 1.27675

Trading scenario

• Recommended opening short positions (Sell Stop) from the level of 1.28810, with Take Profit of 1.28150 and Stop Loss of 1.29300

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.29300, with Take Profit of 1.30000 and Stop Loss of 1.28810