Technical analysis USDCAD for 10.08.2022

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 is descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest resistance is the level 1.28080. The closest support is the level 1.27280

Key levels

• 1.29100, 1.28675, 1.28080, 1.27280, 1.26800, 1.26390

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.28080, with Take Profit of 1.28675 and Stop Loss of 1.27650

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.27280, with Take Profit of 1.26800 and Stop Loss of 1.27650