Chart USD/CAD Update: Room for a test higher

Asterisk denotes strength of level

16:25 BST - Still little change, as prices extend cautious trade beneath the 1.3862 high of 23 October. Oversold intraday studies are unwinding, highlighting potential for a test higher. But mixed daily readings are expected to limit any initial break above here in consolidation beneath resistance at 1.3900. Broader weekly charts are positive, pointing to room for a later break. But a further close above the 1.3947 current year high of 5 August is needed to turn sentiment positive and open up critical multi-month resistance at the 1.3978 year high of October 2022. Meanwhile, support remains at congestion around 1.3800. A close beneath here would turn sentiment neutral and open up the 1.3745 weekly low of 17 October. A further close beneath here would turn sentiment outright negative and prompt a deeper correction of September gains.