Published: 2025-05-16T15:27:43.000Z
Chart USD/CAD Update: Room for a test higher
Senior Technical Strategist
2
Still little change, as prices extend pressure on resistance at 1.4000
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4150 | ** | 50% ret of Mar-May fall | S1 | 1.3900 | * | congestion | |
| R3 | 1.4100 | break level | S2 | 1.3800 | congestion | |||
| R2 | 1.4050 | ** | 38.2% ret of Mar-May fall | S3 | 1.3745 | ** | 76.4% ret of Sep-Feb rally | |
| R1 | 1.4000 | * | break level | S4 | 1.3700 | ** | congestion |
Asterisk denotes strength of level
16:20 BST - Still little change, as prices extend pressure on resistance at 1.4000. Rising intraday studies and the positive daily Tension Indicator highlight room for a break towards the 1.4050 Fibonacci retracement. But flat overbought daily stochastics and mixed weekly charts are expected to limit any initial tests in profit-taking/consolidation. A close above here, however, will turn sentiment outright positive and extend May gains towards the 1.4150 retracement. Meanwhile, support remains at congestion around 1.3900. Any immediate tests beneath here should give way to consolidation above 1.3800.