Chart USD/CAD Update: Choppy in range - background studies under pressure
The anticipated gains from support at 1.4300 have met sharp selling interest around 1.4400
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4600 | figure | S1 | 1.4300 | * | break level | ||
| R3 | 1.4542 | * | 4 Mar (w) high | S2 | 1.4237 | * | 6 Mar (w) low | |
| R2 | 1.4500 | ** | congestion | S3 | 1.4150 | ** | 14 Feb YTD low | |
| R1 | 1.4400 | * | break level | S4 | 1.4100/10 | ** | congestion; 50% ret |
Asterisk denotes strength of level
16:40 GMT - The anticipated gains from support at 1.4300 have met sharp selling interest around 1.4400, with prices currently trading around 1.4335. Overbought intraday studies are unwinding, highlighting potential for a retest of 1.4300. But rising daily readings are expected to limit any initial break in renewed consolidation above strong support at the 1.4238 weekly low of 6 March, before negative weekly charts extend losses still further. A close beneath here will add weight to sentiment and put focus on critical support at the 1.4150 current year low of 14 February. Meanwhile, an unexpected close above 1.4400 will prompt consolidation beneath congestion around 1.4500.