Technical analysis USDCAD for 08.09.2022

The Tenkan-sen line is located above the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is ascending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest resistance is the level 1.31915. The closest support is the level 1.30995

Key levels

• 1.33035, 1.32475, 1.31915, 1.30995, 1.30440, 1.29745

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.31915, with Take Profit of 1.32475 and Stop Loss of 1.31450

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.30995, with Take Profit of 1.30440 and Stop Loss of 1.31450