Published: 2025-04-09T16:15:31.000Z
Chart USD/CAD Update: Choppy trade leaning lower
Senior Technical Strategist
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Choppy trade is giving way to a fresh test lower
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4450 | * | range highs | S1 | 1.4100 | break level | ||
| R3 | 1.4400 | * | break level | S2 | 1.4025 | * | 3 Apr YTD low | |
| R2 | 1.4300 | * | break level | S3 | 1.4000 | * | break level | |
| R1 | 1.4200 | congestion | S4 | 1.3950 | ** | 61.8% ret of Sep-Feb rally |
Asterisk denotes strength of level
16:50 BST - Choppy trade is giving way to a fresh test lower, as intraday studies turn down, with prices currently consolidating the break below 1.4200. Focus is on support at 1.4100, but mixed/negative daily readings are expected to limit any initial tests in consolidation, before negative weekly charts extend losses still further. A close beneath here will add weight to sentiment and open up a test of support at the 1.4000 break level and the 1.3950 Fibonacci retracement. Meanwhile, a close above congestion resistance at 1.4200, if seen, will help to stabilise price action and prompt consolidation beneath 1.4300.