Technical analysis USDCAD for 07.08.2023

The Tenkan-sen line is located above the Kijun-sen line. Both lines are directed upwards. 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 support is the level 1.33575. The closest resistance is the level 1.33975

Key levels

• 1.34200, 1.33975, 1.33575, 1.33375, 1.33125

Trading scenario

• Recommended opening long positions (Buy Limit) from the level of 1.33575, with Take Profit of 1.33975 and Stop Loss of 1.33375

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.33375, with Take Profit of 1.33125 and Stop Loss of 1.33575