Technical analysis USDCAD for 03.10.2024

Tenkan-sen and Kijun-sen lines are merged. Both lines are horizontal. Confirmatory line Chikou Span is above the price chart. In this case, the cloud is ready to roll over from descending to ascending. Instrument is trading above the Tenkan-se and Kijun-sen lines. The closest support is the level 1.35150. The closest resistance is the level 1.35400

Key levels

• 1.36000, 1.35650, 1.35400, 1.35150, 1.34850

Trading scenario

• Recommended opening long positions (Buy Stop) from the level of 1.35400, with Take Profit of 1.35650 and Stop Loss of 1.35150

Alternative scenario

• Recommended opening short positions (Sell Stop) from the level of 1.35150, with Take Profit of 1.34850 and Stop Loss of 1.35400