Published: 2025-04-08T16:07:42.000Z
Chart USD/CAD Update: Cautious trade - studies leaning lower
Senior Technical Strategist
3
The test below 1.4200 has bounced from 1.4145~, with prices once again trading in cautious trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4450 | * | range highs | S1 | 1.4100 | break level | ||
| R3 | 1.4400 | * | break level | S2 | 1.4025 | * | 3 Apr YTD low | |
| R2 | 1.4300 | * | break level | S3 | 1.4000 | * | break level | |
| R1 | 1.4200 | congestion | S4 | 1.3950 | ** | 61.8% ret of Sep-Feb rally |
Asterisk denotes strength of level
16:50 BST - The test below 1.4200 has bounced from 1.4145~, with prices once again trading in cautious trade around congestion resistance at 1.4200. Daily stochastics are rising, suggesting room for a test above here. But the bearish daily Tension Indicator and negative weekly charts are expected to limit scope in renewed selling interest beneath 1.4300. Following cautious trade, fresh losses are looked for, with later focus to turn to the 1.4100 break level. A close beneath here will add weight to sentiment and open up a test of support at the 1.4000 break level and the 1.3950 Fibonacci retracement.