Technical analysis USDCAD for 12.08.2022

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 traded between Tenkan-se and Kijun-sen lines. The closest support is the level 1.2730. The closest resistance is the level 1.2795

Key levels

• 1.3075, 1.2950, 1.2865, 1.2795, 1.2730, 1.2650

Trading scenario

• Recommended opening long positions (Buy) at the current price, with Take Profit of 1.2865 and Stop Loss of 1.2730

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.2730, with Take Profit of 1.2650 and Stop Loss of 1.2795