Technical analysis USDCAD for 25.08.2022

The Tenkan-sen line is located below the Kijun-sen line. Both lines are horizontal. 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 1.2900. The closest resistance is the level 1.2935

Key levels

• 1.3060, 1.2985, 1.2935, 1.2900, 1.2860, 1.2815, 1.2740

Trading scenario

• Recommended opening short positions (Sell Stop) from the level of 1.2900, with Take Profit of 1.2860 and Stop Loss of 1.2935

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.2935, with Take Profit of 1.2985 and Stop Loss of 1.2900