Technical analysis USDCAD for 01.06.2022

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 descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest support is the level 1.26325. The closest resistance is the level 1.26780

Key levels

• 1.28175, 1.27675, 1.27250, 1.26780, 1.26325, 1.25850, 1.25300

Trading scenario

• Recommended opening short positions (Sell Stop) from the level of 1.26325, with Take Profit of 1.25850 and Stop Loss of 1.26780

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.26780, with Take Profit of 1.27250 and Stop Loss of 1.26325