Published: 2025-03-06T17:06:20.000Z
Chart USD/CAD Update: Room for lower
Senior Technical Strategist
1
Cautious trade has given way to a sharp break below 1.4300
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4500 | ** | congestion | S1 | 1.4150 | ** | 14 Feb YTD low | |
| R3 | 1.4470 | * | congestion tops | S2 | 1.4100/10 | ** | congestion; 50% ret | |
| R2 | 1.4400 | * | break level | S3 | 1.4000 | ** | congestion | |
| R1 | 1.4300 | * | break level | S4 | 1.3950 | ** | 61.8% ret of Sep-Feb rally |
Asterisk denotes strength of level
16:40 GMT - Cautious trade has given way to a sharp break below 1.4300, with prices currently trading around 1.4270. Intraday studies have turned down and daily readings continue to track lower, highlighting room for further losses in the coming sessions. Support is down to the 1.4150 current year low of 14 February. A close beneath here will add weight to sentiment and extend February losses initially towards congestion around 1.4100 and the 1.4110 Fibonacci retracement. Meanwhile, a close back above 1.4300, if seen, will turn sentiment neutral and prompt consolidation beneath 1.4400.