Technical analysis USDCAD for 23.11.2023
Technical
The Tenkan-sen line is located below the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span is below the price chart
The Tenkan-sen line is located below the Kijun-sen line. Both lines are horizontal. 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 1.36825. The closest resistance is the level 1.37150
Key levels
- 1.37875, 1.37550, 1.37150, 1.36825, 1.36425
Trading scenario
- Recommended opening long positions (Buy Stop) from the level of 1.37150, with Take Profit of 1.37550 and Stop Loss of 1.36825
Alternative scenario
- Recommended opening short positions (Sell Stop) from the level of 1.36825, with Take Profit of 1.36425 and Stop Loss of 1.37150
Scenario
Recommendation
BUY STOP
Entry Point
1.37150
Take Profit
1.37550
Stop Loss
1.36825
Key Levels
1.37875, 1.37550, 1.37150, 1.36825, 1.36425
Alternative scenario
Recommendation
SELL STOP
Entry Point
1.36825
Take Profit
1.36425
Stop Loss
1.37150
Author
Nikolai Krishtopov
Market Analyst & Marketing Manager, Investizo
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.