Technical analysis USDCAD for 16.10.2024

The Tenkan-sen line is located below the Kijun-sen line. Red is directed downward, while blue remains horizontal. Confirmatory line Chikou Span is below the price chart. In this case, the cloud turned over from ascending to descending. Instrument is trading below the Tenkan-se and Kijun-sen lines

Key levels

1.37377, 1.37678, 1.37898. 1.38102, 1.38373

Trading scenario

Recommended opening long positions (Buy Limit) from the level of 1.37678, with Take Profit of 1.38373 and Stop Loss of 1.37377

Alternative scenario

Recommended opening short positions (Sell Limit) from the level of 1.37898, with Take Profit of 1.37377 and Stop Loss of 1.38102