Technical analysis USDCAD for 31.08.2023
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 ready to roll over from ascending to descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest support is the level 1.35275. The closest resistance is the level 1.35550
Key levels
- 1.36125, 135800, 1.35550, 1.35275, 1.34950
Trading scenario
- Recommended opening short positions (Sell Limit) from the level of 1.35550, with Take Profit of 1.35275 and Stop Loss of 135800
Alternative scenario
- Recommended opening long positions (Buy Stop) from the level of 135800, with Take Profit of 1.36125 and Stop Loss of 1.35550
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.