Chart USD/CAD Update: Leaning lower in both USD- and CAD-driven trade
Consolidation beneath resistance at 1.4000 is giving way to renewed selling interest in both USD- and CAD-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4140 | ** | 5-6 Nov (w) high | S1 | 1.3950 | * | break level | |
| R3 | 1.4100 | * | break level | S2 | 1.3900 | ** | break level | |
| R2 | 1.4050 | * | break level | S3 | 1.3850 | * | congestion | |
| R1 | 1.4000 | * | break level | S4 | 1.3800 | ** | congestion |
Asterisk denotes strength of level
16:35 GMT - Consolidation beneath resistance at 1.4000 is giving way to renewed selling interest in both USD- and CAD-driven trade, with prices currently pressuring support at 1.3950. Daily readings are under pressure and overbought weekly stochastics are unwinding, suggesting room for further losses in the coming sessions. A break will open up 1.3900, with a further close beneath here turning sentiment negative and extending November losses initially to congestion around 1.3850. Meanwhile, resistance is lowered to 1.4000. An unexpected close above here will turn sentiment neutral and prompt consolidation beneath 1.4050.