Published: 2024-11-15T17:10:39.000Z
Chart USD/CAD Update: Pressuring strong resistance at 1.4040/00
Senior Technical Strategist
1
Consolidation around the 1.4040 Fibonacci retracement has given way to a fresh test higher
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4200 | historic congestion | S1 | 1.4000 | * | figure | ||
| R3 | 1.4173 | * | May 2020 high | S2 | 1.3900 | * | congestion | |
| R2 | 1.4100 | * | historic congestion | S3 | 1.3850 | * | congestion | |
| R1 | 1.4040 | * | 76.4% ret of 2020-2021 fall | S4 | 1.3817 | ** | 6 Nov (w) low |
Asterisk denotes strength of level
16:55 GMT - Consolidation around the 1.4040 Fibonacci retracement has given way to a fresh test higher, with prices reaching historic congestion around 1.4100 before settling back into fresh consolidation above 1.4040. Daily readings have turned positive and weekly charts are also rising, highlighting a positive tone. But a close above 1.4040 is needed to improve sentiment and extend 2021 gains beyond 1.4100 towards the 1.4173 high of May 2020. Meanwhile, support is raised to 1.4000. A close beneath here would add weight to sentiment and delay higher levels, as focus then turns to congestion around 1.3900.