Technical analysis USDCAD for 23.02.2024

Tenkan-sen and Kijun-sen lines are merged. Both lines are directed downward. Confirmatory line Chikou Span crosses from top to bottom 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 1.34525. The closest resistance is the level 1.34850

Key levels

• 1.35250, 1.34850, 1.34525, 1,34125, 1.33775

Trading scenario

• Recommended opening short positions (Sell Stop) from the level of 1.34525, with Take Profit of 1,34125 and Stop Loss of 1.34850

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.34850, with Take Profit of 1.35250 and Stop Loss of 1.34525