Published: 2025-02-12T16:58:04.000Z
Chart USD/CAD Update: Room for lower in the coming sessions
Senior Technical Strategist
1
Still little change
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4790~ | ** | 3 Feb YTD high | S1 | 1.4300 | * | congestion lows | |
| R3 | 1.4690 | ** | January 2016 (y) high | S2 | 1.4270 | * | 38.2% ret of Sep-Feb rally | |
| R2 | 1.4500 | ** | congestion | S3 | 1.4175 | break level | ||
| R1 | 1.4400 | break level | S4 | 1.4100/10 | ** | congestion; 50% ret |
Asterisk denotes strength of level
16:45 GMT - Still little change, as prices extend pressure on support within the 1.4270 Fibonacci retracement and congestion around 1.4300. Daily stochastics are flat in oversold areas, suggesting potential for further range trade, before the bearish daily Tension Indicator and negative weekly charts prompt a break and extend February losses towards the 1.4175 break level. Still lower is 1.4100/10, but already oversold daily stochastics could limit any initial tests in short-covering/consolidation. Meanwhile, resistance remains at 1.4400. Any tests above here are expected to meet fresh selling interest beneath congestion around 1.4500.