Technical analysis USDCAD for 17.10.2022

The Tenkan-sen line is located below the Kijun-sen line. Red is directed upwards, while blue remains horizontal. Confirmatory line Chikou Span 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 1.38490. The closest support is the level 1.36810

Key levels

• 1.39440, 1.38950, 1.38490, 1.36810, 1.36340, 1.35700

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.38490, with Take Profit of 1.38950 and Stop Loss of 1.37700

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.36810, with Take Profit of 1.36340 and Stop Loss of 1.37700