Technical analysis USDCAD for 16.10.2024
The Tenkan-sen line is located below the Kijun-sen line. Red is directed downward, while blue remains horizontal. Confirmatory line Chikou Span is below the price chart
The Tenkan-sen line is located below the Kijun-sen line. Red is directed downward, while blue remains horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud turned over from ascending to descending. Instrument is trading below the Tenkan-se and Kijun-sen lines
Key levels
1.37377, 1.37678, 1.37898. 1.38102, 1.38373
Trading scenario
Recommended opening long positions (Buy Limit) from the level of 1.37678, with Take Profit of 1.38373 and Stop Loss of 1.37377
Alternative scenario
Recommended opening short positions (Sell Limit) from the level of 1.37898, with Take Profit of 1.37377 and Stop Loss of 1.38102
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.