Published: 2025-02-14T08:23:03.000Z
Chart USD/CAD Update: Extending losses
Senior Technical Strategist
2
Prices remain under pressure following break of the 1.4300/1.4270 support to extend steep drop from the 1.4793 high
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4380/00 | * | 10 Feb high, congestion | S1 | 1.4110/00 | * | congestion, 50% | |
| R3 | 1.4300 | ** | congestion | S2 | 1.4000 | ** | congestion | |
| R2 | 1.4270 | 5 Feb low | S3 | 1.3950 | * | 61.8% Sep/Feb rally | ||
| R1 | 1.4200 | * | congestion | S4 | 1.3928 | * | 25 Nov low |
Asterisk denotes strength of level
08:20 GMT - Prices remain under pressure following break of the 1.4300/1.4270 support to extend steep drop from the 1.4793 high. Break of the 1.4200 level opens up room to the 1.4110/00 congestion area and 50% Fibonacci level. Lower still will see room to the 1.4000 figure. Stretched intraday and daily studies caution corrective bounce but this is expected to be limited with resistance lowered to the 1.4200 level. Above here will open up room for stronger bounce to the strong resistance at the 1.4270/1.4300, congestion and previous lows.