Technical analysis USDCAD for 06.09.2022

The Tenkan-sen line is located below the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span is above the price chart. In this case, the cloud is ascending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest support is the level 1.31100. The closest resistance is the level 1.31872

Key levels

• 1.32475, 1.31872, 1.31100, 1.30575, 1.29950, 1.29200

Trading scenario

• Recommended opening long positions (Buy Limit) from the level of 1.31100, with Take Profit of 1.31872 and Stop Loss of 1.30575

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.30575, with Take Profit of 1.29950 and Stop Loss of 1.31100