Chart USD/CAD Update: Choppy trade at resistance - background studies rising
Still little change, as prices extend very choppy pressure on resistance at the 1.3725 monthly high of 6 February and the 1.3755 Fibonacci retracement
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3820 | ** | 76.4% ret of Jan-Feb fall | S1 | 1.3700 | * | congestion | |
| R3 | 1.3800 | * | congestion | S2 | 1.3650 | congestion | ||
| R2 | 1.3755 | ** | 61.8% ret of Jan-Feb fall | S3 | 1.3600 | * | congestion | |
| R1 | 1.3725 | * | 6 Feb (m) high | S4 | 1.3550 | congestion |
Asterisk denotes strength of level
16:10 GMT - Still little change, as prices extend very choppy pressure on resistance at the 1.3725 monthly high of 6 February and the 1.3755 Fibonacci retracement. Overbought daily stochastics are unwinding, suggesting room for further consolidation/volatility beneath here. But the positive daily Tension Indicator and rising weekly charts point to room for a later break. A close above 1.3755 will turn sentiment positive and extend late-January gains towards 1.3800/20. Meanwhile, support is down to congestion around 1.3650 should underpin any immediate setbacks.