Technical analysis USDCAD for 06.06.2022

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 1.25400. The closest resistance is the level 1.25850

Key levels

• 1.26780, 1.26325, 1.25850, 1.25400, 1.24850

Trading scenario

• Recommended opening short positions (Sell Stop) from the level of 1.25400, with Take Profit of 1.24850 and Stop Loss of 1.25850

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.25850, with Take Profit of 1.26325 and Stop Loss of 1.25400