Published: 2024-12-13T17:40:21.000Z
Chart USD/CAD Update: Fresh year highs in CAD-driven trade
Senior Technical Strategist
1
Anticipated gains have posted a fresh year high at 1.4245~ in CAD-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4500 | ** | figure | S1 | 1.4200 | historic congestion | ||
| R3 | 1.4400 | figure | S2 | 1.4100 | * | break level | ||
| R2 | 1.4298 | ** | April 2020 high | S3 | 1.4000 | * | congestion | |
| R1 | 1.4265 | * | late-Apr 2020 (w) high | S4 | 1.3958 | * | 1-6 Nov (w) high |
Asterisk denotes strength of level
17:20 GMT - Anticipated gains have posted a fresh year high at 1.4245~ in CAD-driven trade. Prices are currently balanced beneath here, as overbought intraday studies unwind, but daily readings continue to rise and broader weekly charts are improving, highlighting room for a later break above here. June 2021 gains will then focus on strong resistance at the 1.4265/98 highs from April 2020, with potential for extension beyond here towards 1.4400. Meanwhile, support is raised to 1.4200. An unexpected close beneath here will turn sentiment neutral and prompt consolidation above 1.4100.