Chart USD/CAD Update: Consolidating - studies under pressure
Little change, as prices extend cautious trade above support at congestion lows around 1.4300
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4790~ | ** | 3 Feb YTD high | S1 | 1.4300 | * | congestion lows | |
| R3 | 1.4690 | ** | January 2016 (y) high | S2 | 1.4270 | * | 38.2% ret of Sep-Feb rally | |
| R2 | 1.4500 | ** | congestion | S3 | 1.4175 | break level | ||
| R1 | 1.4400 | break level | S4 | 1.4100/10 | ** | congestion; 50% ret |
Asterisk denotes strength of level
16:45 GMT - Little change, as prices extend cautious trade above support at congestion lows around 1.4300. Intraday studies are turning down, highlighting room for a break towards the 1.4270 Fibonacci retracement. However, oversold daily stochastics could prompt fresh consolidation around here, before the bearish daily Tension Indicator and negative weekly charts prompt a break and extend February losses towards the 1.4175 break level. Still lower is 1.4100/10, but already oversold daily stochastics could limit any initial tests in short-covering/consolidation. Meanwhile, resistance remains at 1.4400. Any tests above here are expected to meet fresh selling interest beneath congestion around 1.4500.