Published: 2025-02-13T17:15:43.000Z
Chart USD/CAD Update: Lower in both USD- and CAD-driven trade
Senior Technical Strategist
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Cautious trade around 1.4300 has given way to the anticipated break lower in both USD- and CAD-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4690 | ** | January 2016 (y) high | S1 | 1.4175 | break level | ||
| R3 | 1.4500 | ** | congestion | S2 | 1.4100/10 | ** | congestion; 50% ret | |
| R2 | 1.4400 | break level | S3 | 1.4000 | ** | break level | ||
| R1 | 1.4300 | * | congestion lows | S4 | 1.3950 | ** | 61.8% ret of Sep-Feb rally |
Asterisk denotes strength of level
16:40 GMT - Cautious trade around 1.4300 has given way to the anticipated break lower in both USD- and CAD-driven trade, as intraday studies turn down, with prices currently trading around 1.4225. Daily readings have also turned down and broader weekly charts are negative, highlighting room for continuation of February losses towards 1.4175. Beneath here is stronger support within 1.4100/10, where oversold daily stochastics could prompt short-covering/consolidation. Meanwhile, a close back above 1.4300, if seen, would help to stabilise price action and prompt consolidation beneath 1.4400.