Technical analysis USDCAD for 07.10.2022

The Tenkan-sen line is located above the Kijun-sen line. Red is directed up, while blue is directed down. Confirmatory line Chikou Span is below 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 resistance is the level 1.37190. The closest support is the level 1.36140

Key levels

• 1.38290, 1.37910, 1.37190, 1.36140, 1.35700, 1.35140

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.37190, with Take Profit of 1.37910 and Stop Loss of 1.36500

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.36140, with Take Profit of 1.35700 and Stop Loss of 1.36500