Technical analysis USDCAD for 12.01.2024

The Tenkan-sen line is located above the Kijun-sen line. Both lines are directed downward. 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 1.33400. The closest resistance is the level 1.33775

Key levels

• 1.34850, 1.34275, 1.33775, 1.33400, 1.33000

Trading scenario

• Recommended opening short positions (Sell Stop) from the level of 1.33400, with Take Profit of 1.33000 and Stop Loss of 1.33775

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.33775, with Take Profit of 1.34275 and Stop Loss of 1.33400