Technical analysis USDCAD for 17.10.2023

Tenkan-sen and Kijun-sen lines are merged. Both lines are horizontal. Confirmatory line Chikou Span crossed and fixed above the price chart. In this case, the cloud is descending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest support is the level 1.36300. The closest resistance is the level 1.36675

Key levels

• 1.36950, 1.36675, 1.36300, 1.36100, 1.35800

Trading scenario

• Recommended opening long positions (Buy Limit) from the level of 1.36300, with Take Profit of 1.36675 and Stop Loss of 1.36100

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.36100, with Take Profit of 1.35800 and Stop Loss of 1.36300