Published: 2025-01-23T17:10:11.000Z
Chart USD/CAD Update: Consolidating gains - background studies under pressure
Senior Technical Strategist
2
Consolidation around resistance at 1.4400 is giving way to a pullback
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4667 | ** | March 2020 (y) high | S1 | 1.4300 | * | congestion | |
| R3 | 1.4500 | ** | congestion | S2 | 1.4280 | * | 6 Jan (w) low | |
| R2 | 1.4450 | congestion | S3 | 1.4250 | break level | |||
| R1 | 1.4400 | break level | S4 | 1.4200 | break level |
Asterisk denotes strength of level
16:50 GMT - Consolidation around resistance at 1.4400 is giving way to a pullback, as intraday studies turn down, with prices currently trading around 1.4350. Focus is turning to congestion support at 1.4300. But a tick higher in oversold daily stochastics is expected to limit any initial tests in consolidation, before the bearish daily Tension Indicator and deteriorating weekly charts prompt a break. A close beneath here will open up 1.4250, with further losses turning sentiment negative and confirming a near-term top in place around congestion at 1.4500.