Chart EUR/CAD Update: Higher in CAD-driven trade
Cautious trade has given way to a sharp push higher in CAD-driven trade
| Level | Comment | Level | Comment | |||||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.6393 | ** | 27 Jan YTD high | S1 | 1.6150 | * | break level | |
| R3 | 1.6300 | ** | congestion | S2 | 1.6100 | ** | break level | |
| R2 | 1.6250~ | ** | 14 Apr (m) high | S3 | 1.6050 | congestion | ||
| R1 | 1.6200 | ** | congestion | S4 | 1.6000 | * | break level |
Asterisk denotes strength
11:30 BST - Cautious trade has given way to a sharp push higher in CAD-driven trade, with prices currently balanced beneath congestion resistance at 1.6200. Daily readings have turned positive and broader weekly charts continue to rise, highlighting room for further strength in the coming sessions. A break above here will open up the 1.6250~ monthly high of 14 April. A further close above here would turn sentiment positive and confirm continuation of March gains, initially to congestion around 1.6300. Meanwhile, support is raised to 1.6150. A close beneath here, if seen, will turn sentiment cautious once again and prompt consolidation above 1.6100.