Technical analysis USDCAD for 01.08.2023

Tenkan-sen and Kijun-sen lines are merged. Both lines are horizontal. Confirmatory line Chikou Span is above the price chart. In this case, the cloud is ascending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest resistance is the level 1.33340. The closest support is the level 1.32540

Key levels

• 1.34020, 1.33340, 1.32540, 1.31880, 1.31240

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.33340, with Take Profit of 1.34020 and Stop Loss of 1.32950

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.32540, with Take Profit of 1.31880 and Stop Loss of 1.32950