Published: 2025-01-09T16:43:03.000Z
Chart USD/CAD Update: Immediate gains capped in range
Senior Technical Strategist
1
Little change, as prices extend pressure on resistance at the 1.4400 break level
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4667 | ** | March 2020 (y) high | S1 | 1.4335 | 20 Dec low | ||
| R3 | 1.4500 | ** | congestion | S2 | 1.4280 | 6 Jan low | ||
| R2 | 1.4465 | ** | 19 Dec 2024 (y) high | S3 | 1.4250 | break level | ||
| R1 | 1.4400 | break level | S4 | 1.4200 | congestion |
Asterisk denotes strength of level
16:30 GMT - Little change, as prices extend pressure on resistance at the 1.4400 break level. Overbought intraday studies have ticked higher once again, suggesting room for a break. But mixed/negative daily readings are expected to limit initial scope in consolidation beneath critical resistance at the 1.4465 year high of 19 December 2024. A close above here, however, would turn sentiment positive and confirm continuation of May 2021 gains. Meanwhile, support remains at the 1.4335 low of 20 December. A fresh close beneath here would add weight to sentiment and open up a pullback, initially to support at 1.4250.