Technical analysis USDCAD for 14.05.2024

Tenkan-sen and Kijun-sen lines are merged. Both lines are horizontal. Confirmatory line Chikou Span crossed and fixed below 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 1.36350. The closest resistance is the level 1.36600

Key levels

• 1.36750, 1.36600, 1.36350, 1.36150, 1.35900

Trading scenario

• Recommended opening long positions (Buy Limit) from the level of 1.36350, with Take Profit of 1.36600 and Stop Loss of 1.36150

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.36150, with Take Profit of 1.35900 and Stop Loss of 1.36350