Technical analysis USDCAD for 08.02.2022
The Tenkan-sen line is located below the Kijun-sen line. Red is directed downward, while blue remains horizontal. Confirmatory line Chikou Span is below the price chart
The Tenkan-sen line is located below the Kijun-sen line. Red is directed downward, while blue remains horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud is ready to roll over from ascending to descending. Instrument is traded between Tenkan-se and Kijun-sen lines. The closest support and resistance levels are Tenkan-se and Kijun-sen, respectively. The closest support and resistance levels are Tenkan-se and Kijun-sen, respectively
Key levels
- 1.29125, 1.28500, 1.27575, 1.26925, 1.26350, 1.25750, 1.25000, 1.24275
Trading scenario
- Recommended opening short positions (Sell Stop) from the level of 1.26925, with Take Profit of 1.26350 and Stop Loss of 1.27300
Alternative scenario
- Recommended opening long positions (Buy Stop) from the level of 1.27575, with Take Profit of 1.28500 and Stop Loss of 1.26925
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.