Chart USD/CAD Update: Meeting selling pressure at fresh 2024 year high
May 2021 gains have extended further to post a fresh 2024 high around 1.4465
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4667 | ** | March 2020 (y) high | S1 | 1.4250 | break level | ||
| R3 | 1.4560 | * | mid-Mar 2020 (w) high | S2 | 1.4200 | congestion | ||
| R2 | 1.4500 | ** | congestion | S3 | 1.4100 | * | break level | |
| R1 | 1.4465~ | current year high | S4 | 1.4000 | * | congestion |
Asterisk denotes strength of level
16:00 GMT - May 2021 gains have extended further to post a fresh 2024 high around 1.4465, where negative intraday studies and unwinding overbought daily stochastics are prompting profit-taking. Steady losses are currently trading around 1.4365, but further losses cannot be ruled out. Support is at the 1.4250 break level and extends to 1.4200, but the rising daily Tension Indicator and positive weekly charts are expected to limit any initial tests in renewed buying interest. Following cautious trade, fresh gains are looked for. A later break above 1.4465 will open up congestion around 1.4500, with room for continuation towards the 1.4560 weekly high of mid-March 2020.