Published: 2024-12-02T08:26:53.000Z
Chart USD/CAD Update: Consolidating test of 1.3980 support, room for lower later
Senior Technical Strategist
1
Limited on break of the 1.4000 level as prices consolidate test of the 1.3980 support
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4298 | ** | April 2020 high | S1 | 1.3980 | * | 26 Nov low | |
| R3 | 1.4200 | * | congestion | S2 | 1.3958 | * | 1 Nov high | |
| R2 | 1.4178 | ** | 26 Nov YTD high | S3 | 1.3927 | ** | 25 Nov low | |
| R1 | 1.4100 | * | congestion | S4 | 1.3900 | * | Nov 2023 year high |
Asterisk denotes strength of level
08:20 GMT - Limited on break of the 1.4000 level as prices consolidate test of the 1.3980 support. Bounce see prices once again above 1.4000 and see room for retest of the 1.4100 level. However, consolidation expected to give way to selling pressure later and break of the 1.3980 support will open up deeper pullback to strong support at the 1.3958/1.3927 area. Would take break here to turn focus lower to retrace the September/November rally. Lower will open up room to the 1.3900 level and 1.3845 support. Meanwhile, break above resistance at the 1.4100 level will expose the 1.4178 high to retest.