Technical analysis USDCAD for 21.03.2022

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 descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest resistance is the level 1.26095. The closest support is the level 1.25505

Key levels

• 1.28095, 1.27745, 1.27425, 1.27040, 1.26710, 1.26390, 1.26095, 1.25505, 1.25070

Trading scenario

• Recommended opening short positions (Sell) at the current price, with Take Profit of 1.25505 and Stop Loss of 1.26095

Alternative scenario

• Recommended opening long positions (Buy Limit) from the level of 1.25505, with Take Profit of 1.26095 and Stop Loss of 1.25070