Published: 2025-08-19T16:14:54.000Z
Chart USD/CAD Update: Room for still higher in CAD-driven trade
Senior Technical Strategist
2
Cautious trade is giving way to fresh CAD-driven gains
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4170 | ** | 50% ret of Feb-Jun fall | S1 | 1.3800 | * | congestion | |
| R3 | 1.4000/20 | ** | break level; 38.2% ret | S2 | 1.3700 | ** | congestion | |
| R2 | 1.3880/00 | ** | 1 Aug (w) high; break level | S3 | 1.3600 | ** | congestion | |
| R1 | 1.3860 | * | 29 May (w) high | S4 | 1.3550 | * | congestion |
Asterisk denotes strength of level
16:50 BST - Cautious trade is giving way to fresh CAD-driven gains, with prices currently pressuring critical resistance at the 1.3860 weekly high of 29 May. Overbought daily stochastics are flattening, suggesting any immediate break could give way to consolidation beneath congestion around 1.3900. But the rising daily Tension Indicator and positive weekly charts highlight room for later continuation of mid-June gains towards strong resistance at 1.4000/20. Meanwhile, support remains at congestion around 1.3800. An unexpected close beneath here will turn sentiment neutral and prompt fresh consolidation above further congestion around 1.3700.