Technical analysis USDCAD for 16.12.2021
The Tenkan-sen line is located above the Kijun-sen line. Red is directed downward, while blue remains horizontal. Confirmatory line Chikou Span is above the price chart
The Tenkan-sen line is located above the Kijun-sen line. Red is directed downward, while blue remains horizontal. Confirmatory line Chikou Span is above the price chart. In this case, the cloud is ascending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest resistance is the level 1.27950. The closest support is the top of the cloud
Key levels
- 1.29400, 1.28975, 1.28380, 1.27950, 1.27300, 1.26835, 1.26200, 1.25545
Trading scenario
- Recommended opening short positions (Sell Stop) from the level of 1.27300, with Take Profit of 1.26835 and Stop Loss of 1.27645
Alternative scenario
- Recommended opening long positions (Buy Stop) from the level of 1.28380, with Take Profit of 1.28975 and Stop Loss of 1.27950
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.