Technical analysis USDCAD for 21.09.2023

The Tenkan-sen line is located below the Kijun-sen line. Red is directed upwards, while blue remains horizontal. Confirmatory line Chikou Span crossed and fixed above the price chart. In this case, the cloud is descending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest support is the level 1.34850. The closest resistance is the level 1.35275

Key levels

• 1.35675, 1.35275, 1.34850, 1.34575, 1.34150

Trading scenario

• Recommended opening long positions (Buy Limit) from the level of 1.34850, with Take Profit of 1.35275 and Stop Loss of 1.34575

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.34575, with Take Profit of 1.34150 and Stop Loss of 1.34850