Published: 2024-10-03T15:54:43.000Z
Chart USD/CAD Update: Reversal higher in both USD- and CAD-driven trade
Senior Technical Strategist
399
Anticipated losses have not been seen
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.3685 | 19 Aug (w) high | S1 | 1.3500 | * | congestion | ||
R3 | 1.3650 | ** | 19 Sep (m) high, break level | S2 | 1.3460 | * | intraday break level | |
R2 | 1.3600 | ** | break level | S3 | 1.3420 | 25 Sep (w) low | ||
R1 | 1.3550 | intraday break level | S4 | 1.3400 | ** | break level |
Asterisk denotes strength of level
16:40 BST - Anticipated losses have not been seen, as prices turn higher once again in both USD- and CAD-driven trade. Focus is on resistance at 1.3550, but a tick higher in daily stochastics and the positive daily Tension Indicator highlight potential for a further break and continuation towards 1.3600. Mixed/negative weekly charts, however, could limit any initial tests in fresh consolidation. Meanwhile, support is raised to congestion around 1.3500, but any immediate break should be limited in consolidation above 1.3460.