Technical analysis USDCAD for 17.08.2022

The Tenkan-sen line is located above the Kijun-sen line. Red is directed upwards, while blue remains horizontal. Confirmatory line Chikou Span is above the price chart. In this case, the cloud turned over from descending to ascending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest support is the level 1.2865. The closest resistance is the level 1.2950

Key levels

• 1.3075, 1.2950, 1.2865, 1.2795, 1.2730, 1.2650,1.2515

Trading scenario

• Recommended opening short positions (Sell Stop) from the level of 1.2865, with Take Profit of 1.2730 and Stop Loss of 1.2950

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.2950, with Take Profit of 1.3075 and Stop Loss of 1.2865