Chart USD/CAD Update: Studies continue to rise
Little change, as prices extend cautious trade beneath resistance at 1.3900
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4200 | ** | congestion | S1 | 1.3800 | * | congestion | |
| R3 | 1.4170 | ** | 50% ret of Feb-Jun fall | S2 | 1.3700 | ** | congestion | |
| R2 | 1.4000/20 | ** | break level; 38.2% ret | S3 | 1.3600 | ** | congestion | |
| R1 | 1.3900 | ** | break level | S4 | 1.3550 | * | congestion |
Asterisk denotes strength of level
16:35 BST - Little change, as prices extend cautious trade beneath resistance at 1.3900. Overbought intraday studies are unwinding, highlighting room for further consolidation. But daily readings are improving and broader weekly charts are also positive, highlighting room for a later break above 1.3900 and continuation of June gains towards strong resistance at 1.4000/20. Flattening overbought weekly stochastics could limit any initial tests in fresh consolidation. 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.