Published: 2025-08-29T15:23:07.000Z
Chart USD/CAD Update: Drifting lower
Senior Technical Strategist
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Choppy trade around 1.3750 is giving way to further losse
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4170 | ** | 50% ret of Feb-Jun fall | S1 | 1.3700 | ** | congestion | |
| R3 | 1.4000/20 | ** | break level; 38.2% ret | S2 | 1.3600 | ** | congestion | |
| R2 | 1.3900 | ** | break level | S3 | 1.3550 | * | congestion | |
| R1 | 1.3800 | * | congestion | S4 | 1.3500 | ** | congestion |
Asterisk denotes strength of level
16:15 BST - Choppy trade around 1.3750 is giving way to further losses, with prices currently trading around 1.3735. Daily readings continue to point lower and overbought weekly stochastics are unwinding, highlighting room for a test of congestion support at 1.3700. A break will open up further congestion around 1.3600. But already oversold daily stochastics and the rising weekly Tension Indicator are expected to limit any initial tests in consolidation. Meanwhile, a close back above congestion resistance at 1.3800, if seen, will help to stabilise sentiment and prompt consolidation beneath 1.3900.