Chart USD/CAD Update: Higher in CAD-driven trade
Cautious trade around 1.4050 has given way to anticipated gains, with CAD-driven trade approaching resistance at the 1.4100 break level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4200 | ** | break level | S1 | 1.4050 | * | break level | |
| R3 | 1.4170 | ** | 50% ret of Feb-Jun fall | S2 | 1.4000 | * | break level | |
| R2 | 1.4140 | ** | 5-6 Nov (w) high | S3 | 1.3950 | * | pivot | |
| R1 | 1.4100 | * | break level | S4 | 1.3900 | ** | break level, 50% ret |
Asterisk denotes strength of level
16:30 GMT - Cautious trade around 1.4050 has given way to anticipated gains, with CAD-driven trade approaching resistance at the 1.4100 break level. Extension beyond here will open up critical resistance at the 1.4140 weekly high from 5-6 November. But mixed daily readings are expected to limit any initial tests in fresh consolidation, before improving weekly charts prompt a break. A close above here would turn sentiment positive and extend June gains towards the 1.4170 Fibonacci retracement. Meanwhile, a close back below 1.4050 would turn sentiment neutral and prompt consolidation above 1.4000.