Technical analysis USDCAD for 07.07.2022

The Tenkan-sen line is located above the Kijun-sen line. Red is directed downward, while blue remains horizontal. 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 resistance is the level 1.30060. The closest support is the level 1.29080

Key levels

• 1.31100, 1.30450, 1.30060, 1.29080, 1.28430, 1.27850

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.30060, with Take Profit of 1.30450 and Stop Loss of 1.29520

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.29080, with Take Profit of 1.28430 and Stop Loss of 1.29520