Technical analysis USDCAD for 07.03.2024

The Tenkan-sen line is located below the Kijun-sen line. Both lines are directed downward. Confirmatory line Chikou Span is 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 1.34650. The closest resistance is the level 1.34950

Key levels

• 1.35250, 1.34950, 1.34650, 1.34350, 1.34100

Trading scenario

• Recommended opening short positions (Sell Stop) from the level of 1.34650, with Take Profit of 1.34350 and Stop Loss of 1.34950

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.34950, with Take Profit of 1.35250 and Stop Loss of 1.34650