Technical analysis USDCAD for 04.01.2024

The Tenkan-sen line is located above the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span is above the price chart. In this case, the cloud is ascending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest support is the level 1.33325. The closest resistance is the level 1.33700

Key levels

• 1.34575, 1.34150., 1.33700, 1.33325, 1.32775

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.33700, with Take Profit of 1.34150 and Stop Loss of 1.33325

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.33325, with Take Profit of 1.32775 and Stop Loss of 1.33700