Technical analysis USDCAD for 02.11.2023
The Tenkan-sen line is located above the Kijun-sen line. Red is directed downward, while blue remains horizontal. Confirmatory line Chikou Span crossed and fixed below 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 crossed and fixed below the price chart. In this case, the cloud is ascending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest support is the level 1.37700. The closest resistance is the level 1.38200
Key levels
- 1.38850, 1.38200, 1.37700, 1.37200, 1.36700
Trading scenario
- Recommended opening long positions (Buy Stop) from the level of 1.38200, with Take Profit of 1.38850 and Stop Loss of 1.37700
Alternative scenario
- Recommended opening short positions (Sell Stop) from the level of 1.37700, with Take Profit of 1.37200 and Stop Loss of 1.38200
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.