Chart USD/CAD Update: Fresh year highs in CAD-driven trade
Cautious trade above 1.3930 has posted fresh year highs in CAD-driven trade
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4100 | * | congestion | S1 | 1.3930 | intraday lows | ||
| R3 | 1.4050 | break level | S2 | 1.3900 | ** | congestion | ||
| R2 | 1.4000 | ** | break level | S3 | 1.3850 | congestion | ||
| R1 | 1.3985 | ** | 76.4% ret of Nov-May fall | S4 | 1.3800 | * | congestion |
Asterisk denotes strength of level
16:30 BST - Cautious trade above 1.3930 has posted fresh year highs in CAD-driven trade, with prices currently pressuring strong resistance within the 1.3985 - 1.4000 range. Daily readings are mixed/positive and broader weekly charts continue to rise, highlighting room for further strength in the coming sessions. A close above this range will help to improve sentiment and extend late-January gains towards resistance at 1.4050. Meanwhile, support is at the 1.3930 intraday lows and extends to congestion around 1.3900. A close beneath here, if seen, will add weight to sentiment and open up a test of 1.3850, where fresh consolidation is expected to appear.