Technical analysis USDCAD for 01.12.2023

The Tenkan-sen line is located below the Kijun-sen line. Both lines are horizontal. 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 1.35150. The closest resistance is the level 1.35425

Key levels

• 1.35775, 1.35575, 1.35425, 1.35150, 1.34950

Trading scenario

• Recommended opening short positions (Sell Limit) from the level of 1.35425, with Take Profit of 1.35150 and Stop Loss of 1.35575

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.35575, with Take Profit of 1.35775 and Stop Loss of 1.35425