Technical analysis USDCAD for 06.10.2022

The Tenkan-sen line is located below the Kijun-sen line. Red is directed upwards, while blue remains horizontal. Confirmatory line Chikou Span crosses bottom upward the price chart. In this case, the cloud is descending. Instrument has broken through the upper border of the cloud and continued to grow. The closest support is the level 1.3705. The closest resistance is the level 1.3765

Key levels

• 1.3835, 1.3765, 1.3705, 1.3665, 1.3625, 1.3580,1.3500

Trading scenario

• Recommended opening long positions (Buy) at the current price, with Take Profit of 1.3765 and Stop Loss of 1.3665

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.3665, with Take Profit of 1.3580 and Stop Loss of 1.3705