Chart USD/CAD Update: Gains to remain limited
The break above 1.3600 has reached 1.3630
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3800 | * | congestion | S1 | 1.3600 | ** | congestion | |
| R3 | 1.3740 | * | break level | S2 | 1.3550 | * | 1 May (w) low | |
| R2 | 1.3700 | ** | congestion | S3 | 1.3525 | * | 9 Mar (m) low | |
| R1 | 1.3670 | * | intraday lows | S4 | 1.3480~ | ** | 30 Jan YTD low |
Asterisk denotes strength of level
16:45 BST - The break above 1.3600 has reached 1.3630, where unwinding overbought intraday studies are prompting short-term reactions. Daily stochastics are turning higher and the bearish daily Tension Indicator is flattening, suggesting room for further strength in the coming sessions. Resistance is up to the 1.3670 intraday lows and extends to congestion around 1.3700. However, negative weekly charts should limit any testgs of this range in renewed selling interest/consolidation. Following cautious/corrective trade, fresh losses are looked for. A close below congestion support at 1.3600 will add weight to sentiment and open up lows down to the 1.3525 monthly low of 9 March.