Published: 2026-01-09T16:48:22.000Z
Chart USD/CAD Update: Poised for further gains
2
Cautious trade is giving way to a fresh push higher
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4020 | ** | 76.4% ret of Nov-Dec fall | S1 | 1.3850 | congestion | ||
| R3 | 1.4000 | ** | congestion | S2 | 1.3800 | ** | congestion | |
| R2 | 1.3950 | ** | 61.8% ret of Nov-Dec fall | S3 | 1.3700 | * | congestion | |
| R1 | 1.3890/00 | ** | 50% ret; break level | S4 | 1.3640 | * | 26 Dec (w) low |
Asterisk denotes strength of level
16:35 GMT - Cautious trade is giving way to a fresh push higher, with prices currently pressuring strong resistance at the 1.3890 Fibonacci retracement and the 1.3900 break level. Daily readings continue to rise and oversold weekly stochastics are unwinding, highlighting room for a break above here. December gains will then focus on the 1.3950 retracement. But already overbought daily stochastics could prompt renewed selling interest/consolidation around here. Meanwhile, a close below congestion support at 1.3850 would turn sentiment neutral and give way to consolidation above 1.3800.