Technical analysis USDCAD for 16.06.2023
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
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 support is the level 1.31750. The closest resistance is the level 1.32200
Key levels
- 1.33200, 1.32700, 1.32200, 1.31750, 1.31075
Trading scenario
- Recommended opening short positions (Sell Stop) from the level of 1.31750, with Take Profit of 1.31075 and Stop Loss of 1.32200
Alternative scenario
- Recommended opening long positions (Buy Stop) from the level of 1.32200, with Take Profit of 1.32700 and Stop Loss of 1.31750
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.