Chart USD/CAD Update: Further consolidation - limited tests higher
Little change, as prices extend cautious trade beneath congestion resistance at 1.3750
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3945 | 5 Aug YTD high | S1 | 1.3700 | ** | congestion | ||
| R3 | 1.3900 | ** | 1 November 2023 (y) high | S2 | 1.3650 | * | pivot | |
| R2 | 1.3800 | ** | congestion | S3 | 1.3600 | ** | break level | |
| R1 | 1.3750 | congestion | S4 | 1.3584 | ** | 11 Jul (m) low |
Asterix denotes strength of level
16:55 BST - Little change, as prices extend cautious trade beneath congestion resistance at 1.3750. Intraday studies have ticked higher, suggesting potential for a test above here. But daily readings are mixed/negative and broader weekly charts are under pressure, suggesting renewed selling interest towards further congestion around 1.3800. In the coming sessions, cautious trade is expected to give way to fresh losses. A later close below congestion support at 1.3700 will add weight to sentiment and put focus on support at 1.3650. However, already oversold daily stochastics could limit any initial tests in consolidation/short-covering.