Technical analysis USDCAD for 12.07.2022

The Tenkan-sen line crosses bottom upward the Kijun-sen line. Red is directed upwards, while blue remains horizontal. Confirmatory line Chikou Span crosses from top to bottom the price chart. In this case, the cloud is ascending. Instrument adjusted to the Kijun-sen line. The closest resistance is the level 1.30260. The closest support is the level 1.29630

Key levels

• 1.31150, 1.30720, 1.30260, 1.29630, 1.29220, 1.28670

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.30260, with Take Profit of 1.30720 and Stop Loss of 1.29950

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.29630, with Take Profit of 1.29220 and Stop Loss of 1.29950