Published: 2025-05-19T08:31:14.000Z
Chart USD/CAD Update: Extend consolidating below 1.4000 congestion
Technical Analyst
1
Little change, as prices extend consolidation below the 1.4000 congestion
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4150 | ** | Feb low, 50% | S1 | 1.3900 | * | congestion | |
| R3 | 1.4100 | * | congestion | S2 | 1.3800 | * | congestion | |
| R2 | 1.4050 | * | 38.2% Mar/May fall | S3 | 1.3750 | ** | 6 May YTD low | |
| R1 | 1.4000 | * | break level | S4 | 1.3700 | * | congestion |
Asterisk denotes strength of level
08:25 GMT - Little change, as prices extend consolidation below the 1.4000 congestion. The resulting flag pattern suggest scope for break here to open up room for stronger gains to retrace the March/May losses. Clearance will see room to 1.4050/1.4100, 38.2% Fibonacci level. However, daily studies have turned mixed at overbought areas and caution corrective pullback. Meanwhile, support remains at the 1.3900 congestion which should continue to underpin prices. Break here will return focus to the downside for retest of the 1.3800 congestion and 1.3750, current year low.