Technical analysis USDCAD for 14.12.2021

The Tenkan-sen line is located above the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span is above the price chart. In this case, the cloud turned over from descending to ascending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest support is the level 1.2720. The closest resistance is the level 1.2855

Key levels

• 1.3090, 1.2975, 1.2855, 1.2720, 1.2638, 1.2570, 1.2500, 1.2415, 1.2285

Trading scenario

• Recommended opening short positions (Sell) at the current price, with Take Profit of 1.2720 and Stop Loss of 1.2855

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.2855, with Take Profit of 1.2975 and Stop Loss of 1.2800