Technical analysis USDCAD for 09.06.2022

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 descending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest support is the level 1.26450. The closest resistance is the level 1.25700

Key levels

• 1.27660, 1.27050, 1.26450, 1.25700, 1.25100, 1.24500

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.26450, with Take Profit of 1.27050 and Stop Loss of 1.26275

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.25700, with Take Profit of 1.25100 and Stop Loss of 1.26150