Technical analysis USDCAD for 20.02.2024
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
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 ready to roll over from ascending to descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest support is the level 1.34550. The closest resistance is the level 1.35100
Key levels
- 1.35500, 1.35100, 1.34550, 1.34250, 1.33900
Trading scenario
- Recommended opening long positions (Buy Limit) from the level of 1.34550, with Take Profit of 1.35100 and Stop Loss of 1.34250
Alternative scenario
- Recommended opening short positions (Sell Stop) from the level of 1.34250, with Take Profit of 1.33900 and Stop Loss of 1.34550
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.