Technical analysis USDCAD for 16.06.2023

The Tenkan-sen line is located below the Kijun-sen line. Both lines are directed downward. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest support is the level 1.31750. The closest resistance is the level 1.32200

Key levels

• 1.33200, 1.32700, 1.32200, 1.31750, 1.31075

Trading scenario

• Recommended opening short positions (Sell Stop) from the level of 1.31750, with Take Profit of 1.31075 and Stop Loss of 1.32200

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.32200, with Take Profit of 1.32700 and Stop Loss of 1.31750