Technical analysis USDCAD for 10.11.2023

The Tenkan-sen line is located above the Kijun-sen line. Both lines are directed upwards. Confirmatory line Chikou Span crossed and fixed below the price chart. In this case, the cloud is ready to roll over from descending to ascending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest support is the level 1.38075. The closest resistance is the level 1.38425

Key levels

• 1.38850, 1.38425, 1.38075, 1.37650, 1.37200

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.38425, with Take Profit of 1.38850 and Stop Loss of 1.38075

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.38075, with Take Profit of 1.37650 and Stop Loss of 1.38425