Technical analysis USDCAD for 16.12.2022

The Tenkan-sen line is located above the Kijun-sen line. Both lines are directed upwards. Confirmatory line Chikou Span crosses bottom upward the price chart. In this case, the cloud is ready to roll over from descending to ascending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest resistance is the level 1.37400. The closest support is the level 1.36270

Key levels

• 1.38770, 1.38120, 1.37400, 1.36270, 1.35700, 1.34950

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.37400, with Take Profit of 1.38120 and Stop Loss of 1.36800

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.36270, with Take Profit of 1.35700 and Stop Loss of 1.36800