Technical analysis USDCAD for 22.01.2024

The Tenkan-sen line is located below the Kijun-sen line. Both lines are 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 1.34125. The closest resistance is the level 1.34800

Key levels

• 1.35200, 1.34800, 1.34125, 1.33800, 1.33400

Trading scenario

• Recommended opening long positions (Buy Limit) from the level of 1.34125, with Take Profit of 1.34800 and Stop Loss of 1.33800

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.33800, with Take Profit of 1.33400 and Stop Loss of 1.34125