Published: 2024-10-14T16:13:03.000Z
Chart USD/CAD Update: Strong resistance at 1.3800/25 - studies rising
Senior Technical Strategist
3
Steady USD- and CAD-driven gains are approaching strong resistance at congestion around 1.3800 and the 1.3825 Fibonacci retracement
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.3947 | ** | 5 Aug YTD high | S1 | 1.3700 | congestion | ||
R3 | 1.3900 | * | figure | S2 | 1.3650 | ** | break level | |
R2 | 1.3825 | ** | 76.4% ret of Aug-Sep fall | S3 | 1.3600 | ** | break level | |
R1 | 1.3800 | ** | congestion | S4 | 1.3550 | intraday break level |
Asterisk denotes strength of level
16:50 BST - Steady USD- and CAD-driven gains are approaching strong resistance at congestion around 1.3800 and the 1.3825 Fibonacci retracement. Overbought daily stochastics could limit any initial tests in consolidation, before the rising daily Tension Indicator and improving weekly charts prompt a break. A close above 1.3825 will further improve sentiment and extend September gains towards 1.3900. Meanwhile, support is at congestion around 1.3700. An unexpected close beneath here will add weight to sentiment and prompt a pullback, initially to 1.3650.