Published: 2025-04-23T15:31:18.000Z
Chart USD/CAD Update: Edging higher in range
Senior Technical Strategist
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Consolidation above support at 1.3800/15 is giving way to a push higher
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4200 | congestion | S1 | 1.3815 | ** | 6 Nov (m) low | ||
| R3 | 1.4100 | break level | S2 | 1.3780 | 21 Apr YTD 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 - Consolidation above support at 1.3800/15 is giving way to a push higher, as intraday studies turn up, with focus on congestion resistance at 1.3900. Daily readings are also improving, suggesting room for a test above here. But mixed/negative weekly charts negative longer-term readings are expected to limit scope in renewed selling interest/consolidation beneath 1.4000. Following cautious trade, fresh losses are looked for. A close below the 1.3815 monthly low of 6 November will add weight to sentiment and extend February losses towards the 1.3745 Fibonacci retracement.