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Published: 2025-05-07T15:22:36.000Z

Chart USD/CAD Update: Continued pressure on 1.3780/00 - studies leaning lower

byMike Macdonald

Senior Technical Strategist
2

Still little change, as prices extend cautious trade within support at the 1.3780 monthly low of 21 April and congestion around 1.3800

 Levels 
Imp
Comment 
 
 Levels 
Imp
Comment 
R4 1.4200 congestion
 
S1 1.3800 congestion
R3 1.4100 break level
 
S2 1.3780*21 Apr (m) low
R2 1.4000*break level
 
S3 1.3745**76.4% ret of Sep-Feb rally
R1 1.3900*congestion
 
S4 1.3700**congestion

Asterisk denotes strength of level

16:15 BST - Still little change, as prices extend cautious trade within support at the 1.3780 monthly low of 21 April and congestion around 1.3800. Intraday studies are mixed/negative and daily readings are coming under pressure, highlighting a deterioration in sentiment and room for fresh losses in the coming sessions. A close beneath 1.3780/00 will add weight to sentiment and extend February losses initially towards the 1.3745 Fibonacci retracement. Beneath here is congestion around 1.3700. Meanwhile, resistance remains at congestion around 1.3900 and should cap any immediate tests higher.

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Topics
USD/CAD-TA
Free-Tactical-TA
DM-Technical
Technical Analysis

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