Technical analysis USDCAD for 27.08.2024

The Tenkan-sen line is located below the Kijun-sen line. Both lines are horizontal. Confirmatory line Chikou Span is below 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 1.34325. The closest resistance is the level 1.34875

Key levels

• 1.36050, 1.35650, 1.35200, 1.34875, 1.34325, 1.33900

Trading scenario

• Recommended opening short positions (Sell Limit) from the level of 1.34875, with Take Profit of 1.34325 and Stop Loss of 1.35200

Alternative scenario

• Recommended opening long positions (Buy Stop) from the level of 1.35200, with Take Profit of 1.35650 and Stop Loss of 1.34875