Technical analysis USDCAD for 19.10.2022

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 adjusted to the upper border of the cloud. The closest support is the level 1.3725. The closest resistance is the level 1.3800

Key levels

• 1.3965, 1.3870, 1.3800, 1.3725, 1.3630, 1.3500

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.3800, with Take Profit of 1.3965 and Stop Loss of 1.3725

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.3725, with Take Profit of 1.3630 and Stop Loss of 1.3800