Technical analysis USDCAD for 06.12.2023

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 level 1.35525. The closest resistance is the level 1.35725

Key levels

• 1.36000, 1.35725, 1.35525, 1.35300, 1.35050

Trading scenario

• Recommended opening short positions (Sell Stop) from the level of 1.35525, with Take Profit of 1.35300 and Stop Loss of 1.35725

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.35725, with Take Profit of 1.36000 and Stop Loss of 1.35525