Chart USD/CAD Update: Fresh year highs - pressuring April 2020 levels
Anticipated gains have extended June 2021 gains to post a fresh year high at the 1.4265 weekly high of late-April 2020
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4500 | ** | figure | S1 | 1.4200 | historic congestion | ||
| R3 | 1.4400 | figure | S2 | 1.4100 | * | break level | ||
| R2 | 1.4298 | ** | April 2020 high | S3 | 1.4000 | * | congestion | |
| R1 | 1.4265 | * | late-Apr 2020 (w) high | S4 | 1.3958 | * | 1-6 Nov (w) high |
Asterisk denotes strength of level
16:10 GMT - Anticipated gains have extended June 2021 gains to post a fresh year high at the 1.4265 weekly high of late-April 2020. Intraday studies are turning down, unwinding overbought areas, suggesting potential for short-term reactions. But daily readings continue to rise and broader weekly charts are also positive, highlighting potential for a later break and continuation towards the 1.4298 high of April 2020. Continuation beyond here would open up next significant reactions at 1.4500. Meanwhile, a close below support at 1.4200, if seen, would turn sentiment neutral and prompt consolidation above 1.4100.