Technical analysis USDCAD for 17.07.2023

The Tenkan-sen line is located below the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span crossed and fixed below the price chart. In this case, the cloud is descending. Instrument is traded between Tenkan-se and Kijun-sen lines. The closest support is the level 1.31625. The closest resistance is the level 1.31975

Key levels

• 1.32975, 1.32375, 1.31975, 1.31625, 1.31250

Trading scenario

• Recommended opening short positions (Sell Stop) from the level of 1.31625, with Take Profit of 1.31250 and Stop Loss of 1.31975

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.31975, with Take Profit of 1.32375 and Stop Loss of 1.31625