Technical analysis USDCAD for 04.09.2024

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 traded between Tenkan-se and Kijun-sen lines. The closest support is the level 1.35000. The closest resistance is the level 1.35175

Key levels

• 1.35600, 1.35375, 1.35175, 1.35000, 1.34800

Trading scenario

• Recommended opening short positions (Sell Stop) from the level of 1.35000, with Take Profit of 1.34800 and Stop Loss of 1.35175

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.35175, with Take Profit of 1.35375 and Stop Loss of 1.35000