Technical analysis USDCAD for 02.11.2023

The Tenkan-sen line is located above the Kijun-sen line. Red is directed downward, while blue remains horizontal. Confirmatory line Chikou Span crossed and fixed below the price chart. In this case, the cloud is ascending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest support is the level 1.37700. The closest resistance is the level 1.38200

Key levels

• 1.38850, 1.38200, 1.37700, 1.37200, 1.36700

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.38200, with Take Profit of 1.38850 and Stop Loss of 1.37700

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.37700, with Take Profit of 1.37200 and Stop Loss of 1.38200