Technical analysis USDCAD for 12.09.2022

The Tenkan-sen line is located below the Kijun-sen line. Both lines are directed downward. 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 1.2920. The closest resistance is the level 1.2975

Key levels

• 1.3205, 1.3115, 1.3065, 1.3020, 1.2975, 1.2920, 1.2830

Trading scenario

• Recommended opening short positions (Sell) at the current price, with Take Profit of 1.2920 and Stop Loss of 1.3020

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.3020, with Take Profit of 1.3065 and Stop Loss of 1.2975