Technical analysis USDCAD for 18.05.2023

Tenkan-sen and Kijun-sen lines are merged. Both lines are horizontal. Confirmatory line Chikou Span crossed and fixed above the price chart. In this case, the cloud is ascending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest support is the level 1.34875. The closest resistance is the level 1.35250

Key levels

• 1.36050, 1.35675, 1.35250, 1.34875, 1.34450

Trading scenario

• Recommended opening long positions (Buy) at the current price, with Take Profit of 1.35250 and Stop Loss of 1.34875

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.34875, with Take Profit of 1.34450 and Stop Loss of 1.35250