Technical analysis USDCAD for 18.09.2023

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 1.34875. The closest resistance is the level 1.35275

Key levels

• 1.36100, 1.35725, 1.35275, 1.34875, 1.34425

Trading scenario

• Recommended opening short positions (Sell Stop) from the level of 1.34875, with Take Profit of 1.34425 and Stop Loss of 1.35275

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.35275, with Take Profit of 1.35725 and Stop Loss of 1.34875