Published: 2024-10-28T08:31:52.000Z
Chart USD/CAD Update: Focus on the 1.3900/1.3947 highs
Senior Technical Strategist
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No follow-through on break above the 1.3900 level as prices consolidate strong gains from the 1.3750 congestion
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4000 | * | figure | S1 | 1.3845 | * | Apr high | |
| R3 | 1.3978 | ** | Oct 2022 year high | S2 | 1.3800 | * | congestion | |
| R2 | 1.3947 | ** | 5 Aug YTD high | S3 | 1.3750 | * | 17 Oct low | |
| R1 | 1.3900 | * | Nov 2023 year high | S4 | 1.3700 | congestion |
Asterisk denotes strength of level
08:25 GMT - No follow-through on break above the 1.3900 level as prices consolidate strong gains from the 1.3750 congestion. The daily studies still positive and break here cannot be ruled out to see potential for retest of the 1.3947, August YTD high. Would expect reaction on retest here and scope seen for corrective pullback to retrace the sharp rally from the 1.3420, September low. Meanwhile, support remains at the 1.3845 congestion and April high. Break here will turn focus lower and oppen up deeper pullback to the 1.3800 level and strong support at the 1.3750 congestion.