Technical analysis USDCAD for 17.07.2023
The Tenkan-sen line is located below the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span crossed and fixed below the price chart
The Tenkan-sen line is located below the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span crossed and fixed below the price chart. In this case, the cloud is descending. Instrument is traded between Tenkan-se and Kijun-sen lines. The closest support is the level 1.31625. The closest resistance is the level 1.31975
Key levels
- 1.32975, 1.32375, 1.31975, 1.31625, 1.31250
Trading scenario
- Recommended opening short positions (Sell Stop) from the level of 1.31625, with Take Profit of 1.31250 and Stop Loss of 1.31975
Alternative scenario
- Recommended opening long positions (Buy Stop) from the level of 1.31975, with Take Profit of 1.32375 and Stop Loss of 1.31625
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.