Technical analysis USDCAD for 20.07.2022

The Tenkan-sen line is located below the Kijun-sen line. Red is directed downward, while blue remains horizontal. 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 resistance is the level 1.29170. The closest support is the level 1.28440

Key levels

• 1.30300, 1.29780, 1.29170, 1.28440, 1.27970, 1.27470

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.29170, with Take Profit of 1.29780 and Stop Loss of 1.28750

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.28440, with Take Profit of 1.27970 and Stop Loss of 1.28750