Chart USD/CAD Update: Extending pressure on 1.3780/00 - studies leaning lower
Little change, as prices extend cautious trade within support at the 1.3780 monthly low of 21 April and congestion around 1.3800
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4200 | congestion | S1 | 1.3800 | congestion | |||
| R3 | 1.4100 | break level | S2 | 1.3780 | * | 21 Apr (m) low | ||
| R2 | 1.4000 | * | break level | S3 | 1.3745 | ** | 76.4% ret of Sep-Feb rally | |
| R1 | 1.3900 | * | congestion | S4 | 1.3700 | ** | congestion |
Asterisk denotes strength of level
16:20 BST - Little change, as prices extend cautious trade within support at the 1.3780 monthly low of 21 April and congestion around 1.3800. Intraday studies have turned down and overbought weekly stochastics are unwinding, highlighting a deterioration in sentiment and room for fresh losses in the coming sessions. A close beneath 1.3780/00 will add weight to sentiment and extend February losses initially towards the 1.3745 Fibonacci retracement. Beneath here is congestion around 1.3700. Meanwhile, resistance remains at congestion around 1.3900 and should cap any immediate tests higher.