Chart USD/CAD Update: Room for higher in CAD-driven trade
The anticipated break above 1.3600 has met selling interest just shy of congestion resistance at 1.3700
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3900 | * | congestion | S1 | 1.3600 | ** | congestion | |
| R3 | 1.3860 | * | 29 May (w) high | S2 | 1.3550 | * | congestion | |
| R2 | 1.3800 | congestion | S3 | 1.3500 | * | congestion | ||
| R1 | 1.3700 | ** | congestion | S4 | 1.3472 | * | 2 Oct 2024 (m) low |
Asterisk denotes strength of level
16:45 BST - The anticipated break above 1.3600 has met selling interest just shy of congestion resistance at 1.3700, as overbought intraday studies flatten, with prices currently balanced around 1.3670, Daily readings continue to rise, highlighting a constructive tone and room for further strength in CAD-driven trade. A close above 1.3700 will further improve price action and initially open up congestion around 1.3800. Meanwhile, support is raised to congestion around 1.3600. A close back beneath here, if seen, will stabilise price action and give way to consolidation above strong support within 1.3500/50.