Technical analysis EURCAD for 07.02.2022

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 is descending. Instrument is trading below the Tenkan-se and Kijun-sen lines. The closest support is the top of the cloud. The closest resistance is the level 1.4635

Key levels

• 1.4825, 1.4745, 1.4635, 1.4515, 1.4430, 1.4370, 1.4305, 1.4205, 1.4100

Trading scenario

• Recommended opening long positions (Buy) at the current price, with Take Profit of 1.4635 and Stop Loss of 1.4430

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.4430, with Take Profit of 1.4305 and Stop Loss of 1.4515