Chart USD/CAD Update: Consolidating - limited tests higher
Still little change, as prices extend cautious trade within the 1.4175 - 1.4245 range
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4500 | ** | congestion | S1 | 1.4175 | break level | ||
| R3 | 1.4400 | break level | S2 | 1.4100/10 | ** | congestion; 50% ret | ||
| R2 | 1.4300 | * | congestion lows | S3 | 1.4000 | ** | break level | |
| R1 | 1.4245 | * | 19 Feb (w) high | S4 | 1.3950 | ** | 61.8% ret of Sep-Feb rally |
Asterisk denotes strength of level
16:25 GMT - Still little change, as prices extend cautious trade within the 1.4175 - 1.4245 range. Intraday studies are rising and daily readings are turning positive, highlighting an improvement in sentiment and room for a test higher in the coming sessions. A break above the 1.4245 weekly high of 19 February will open up congestion around 1.4300. However, negative weekly charts are expected to limit any immediate tests in renewed selling interest/consolidation. A close above here, if seen, will improve price action and extend gains towards 1.4400. Meanwhile, support remains at the 1.4175 break level. A close beneath here would add weight to sentiment and extend February losses towards strong support at 1.4100/10. Already oversold weekly stochastics could prompt short-covering/consolidation towards here.