Published: 2025-01-07T17:21:18.000Z
Chart USD/CAD Update: Consolidating - studies leaning lower
Senior Technical Strategist
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Little change, as prices extend cautious trade beneath resistance at the 1.4335 low of 20 December
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4500 | ** | congestion | S1 | 1.4280 | 6 Jan low | ||
| R3 | 1.4465 | ** | 19 Dec 2024 (y) high | S2 | 1.4250 | break level | ||
| R2 | 1.4400 | break level | S3 | 1.4200 | congestion | |||
| R1 | 1.4335 | 20 Dec low | S4 | 1.4100 | congestion |
Asterisk denotes strength of level
16:55 GMT - Little change, as prices extend cautious trade beneath resistance at the 1.4335 low of 20 December. Oversold intraday studies are flattening, suggesting potential for a test above here. But a tick lower in daily stochastics and the bearish daily Tension Indicator should prompt renewed selling interest beneath 1.4400. In the coming sessions, cautious trade is expected to give way to fresh losses, with focus to turn to 1.4250. A tick lower in weekly charts highlights potential for continuation towards congestion around 1.4200.