Technical analysis USDCAD for 12.07.2023

The Tenkan-sen line is located below the Kijun-sen line. Both lines are directed downward. Confirmatory line Chikou Span crossed and fixed 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 1.30925. The closest resistance is the level 1.31650

Key levels

• 1.32525, 1.32075, 1.31650, 1.30925, 1.30275

Trading scenario

• Recommended opening short positions (Sell Limit) from the level of 1.31650, with Take Profit of 1.30925 and Stop Loss of 1.32075

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.32075, with Take Profit of 1.32525 and Stop Loss of 1.31650