Technical analysis USDCAD for 18.07.2022

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 turned over from ascending to descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest support is the level 1.29100. The closest resistance is the level 1.29475

Key levels

• 1.30350, 1.29925, 1.29475, 1.29100, 1.28675

Trading scenario

• Recommended opening short positions (Sell Stop) from the level of 1.29100, with Take Profit of 1.28675 and Stop Loss of 1.29475

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.29475, with Take Profit of 1.29925 and Stop Loss of 1.29100