Published: 2024-01-08T16:53:31.000Z
Chart USD/CAD Update: Choppy trade expected to continue higher
Senior Technical Strategist
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The anticipated minor test below support at 1.3300 has not been seen
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3535 | ** | 50% ret of Nov-Dec fall | S1 | 1.3300 | * | break level | |
| R3 | 1.3480 | * | 4 Dec (w) low | S2 | 1.3260 | break level | ||
| R2 | 1.3450 | ** | 38.2% ret of Nov-Dec fall | S3 | 1.3200 | * | congestion | |
| R1 | 1.3400 | * | congestion | S4 | 1.3150 | * | Jun-Jul range lows |
16:40 GMT - The anticipated minor test below support at 1.3300 has not been seen, as intraday studies edge higher, with prices once again pressuring congestion resistance at 1.3400. Overbought intraday studies are unwinding, suggesting short-term consolidation around here, before rising daily readings and unwinding oversold weekly stochastics prompt a break and extend December gains towards the 1.3450 Fibonacci retracement. Meanwhile, support remains at 1.3300 and is expected to underpin any immediate tests lower.